Please Only Answer Parts C, D and E

1. Given below are a set of foreign exchange quotes for several currencies against the Australian dollar as of May 15, 2019. Australian Dollar Exchange Rates Currency Sell/buy US, dollar 0.6926/0.6928 UK, pound 0.5366/5369 China, yuan Renminbi 4.7528/4.7569 Fiji, dollar 1.4708/1.5263 India, rupee 48.628/48.648 New Zealand, dollar 1.0548/1.0556 Papua New Guinea, kina 2.2745/2.4097 Singapore, dollar 0.9477/0.9483 Sri Lanka, rupee 121.967/122.21 Switzerland, franc 0.6979/0.6984 (a) Are these direct or indirect quotes from the perspective of an Australian resident? (1 mark) (b) What are the direct quotes for the following currencies with respect to the Australian dollar? (i) US dollar (ii) Chinese Renminbi (iii) Indian rupee (iv) New Zealand dollar (v) Swiss Franc (5 marks)

Please Only Answer Parts C, D and E

(c) Calculate the bid-ask spread for the following currencies: (i) UK pound (ii) Fiji dollar (iii) Singapore dollar (iv) Papua New Guinea kina (v) Sri Lanka rupee (10 marks)

(d) On May 15, 2019, you receive 100,000 RMB. Using the rates in the above chart how many AUD will you receive upon conversion? (2 marks)

(e) On May 15, 2019, you want to buy 1,000,000 THB. Using the rates in the above chart how many AUD will you require for the purchase? (2 marks)