Suppose your CVA to an airline client is $5 million. You buy an equivalent notional of the client's CDS to hedge it. Next week, the client's credit spread remains unchanged, but macro interest rates drop significantly. Will your CVA desk experience a large P&L swing?

假设你算出对某航空公司的 CVA 是 500 万美元，于是你在市场上买入了等额的该客户 CDS（信用违约互换）来对冲。下周，该客户信用利差不变，但宏观利率大幅下降，你的 CVA 交易台会出现大幅盈亏波动吗？