please explain

a 2) Suppose that Bank X allows you to lend or borrow in dollars with a bid/ask of 2.48%/2.53%. Bank Y allows you to lend or borrow in Chinese Yuan (CNY) with a bid/ask of 3.72%/3.84%. Both of these rates are for a 3-year term. The current Spot exchange rate is 6.8CNY/S. The 3-year futures rate is 7.4CNY/$. a. Suppose you were to execute a carry trade strategy. What would be the interest rate spread you could achieve? b. What is the annualized forward premium of the dollar