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In March 2018, the spot exchange rate for Chinese Yuan Renminbi (CNY) was 6.3359 CNY per U.S. dollar (USD). Suppose that at the same time

In March 2018, the spot exchange rate for Chinese Yuan Renminbi (CNY) was 6.3359 CNY per U.S. dollar (USD). Suppose that at the same time the one-year interest rate in the United States was 3.15% and the one-year interest rate in China was 4.85%. Based on these rates, what should the six-month forward exchange rate for CNY be so that the no-arbitrage condition holds? Quote the forward exchange rate in USD/CNY.

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