ChangCheng Construction (CCC) is a Chinese company that uses significant amounts of iron ore in its construction business, which it imports from various countries including Australia. CCC is considering hedging an account payable of 30 million Australian dollars (AUD) that is due in 90 days. The exchange rate is quoted as AUD/CNY, with the Australian dollar as the base rate, and the current spot exchange rate spread is AUD/CNY 4.650 / 4.710.

As part of its evaluation of the exchange rate transaction exposure, the treasurer at CCC likes to compare the results of a money market hedge relative to using forward contracts before entering any hedging transactions. The current value of a forward contract to buy AUD 30 million in 90 days is CNY 142,250,000. The borrowing and investment (deposit) interest rates in both countries are as follows:

	Borrowing rate	Deposit rate	Convention
Australia	4.52%	4.32%	days/365
China	6.48%	6.24%	days/365

Specify the amount (in either CNY or AUD) that CCC would save if it were to use a money market hedge for the AUD payable, rather than a forward contract.