Haier-China can borrow fund in China with an interest rate of 11.23% to invest 1.62 million Australian dollars (A$) and expected return of A$1.93 million next year. Assume that Haier-China and Biopharma-Australia engages in a parallel loan in which the Biopharma-Australia gives Haier-China A$1.62 million in exchange for a loan in Chinese yuan (CNY) at the current exchange rate CNY3.2255/A$. These loans will be repaid by both parties at the end of one year. Assume that next year, Haier-China will pay Biopharma-Australia 14.37% interest on A$1.62 million and that the Biopharma-Australia will pay Haier-China 7.48% interest on the Chinese yuan loan. Also, Haier-China believes that the A$ will appreciate to CNY3.6698/A$ next year. How much the Haier-China will make a profit or loss in CNY from this parallel loan agreement in one year. (enter the whole number without sign or symbol)

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