If the current spot exchange rate is $0.40/yuan, the current 30-day forward exchange rate is $0.45/yuan, the annualized interest rate on 30 day dollar denominated bonds is 12% (1% per 30 days) and the annualized interest rate on 30-day Chinese yuan-denominated bonds is 9% (0.75% per 30 days): Is the yuan at a forward premium or discount?