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Sing Tao wants to import goods for 2 . 2 9 million Australian dollar ( A$ ) and pay to Australian exporter, WA Co .

Sing Tao wants to import goods for 2.29 million Australian dollar (A$) and pay to Australian exporter, WA Co., in one year. Sing Tao also wants to minimise its exchange rate risk for the payment of A$2.29 million by taking the options market hedging strategy.
Calculate the maximum Chinese yuan (CNY) costs using the options market hedging strategy based on the information in Table 1.(Enter the whole number without sign and symbol).
TABLE 1
For Chinese yuan (CNY)
Spot rate
A$0.4008/CNY
One-year forward rate
A$0.5802/CNY
One-year CNY deposit and borrowing rate
8.77%
One-year call options
Exercise price = A$0.55
Premium = A$0.03
One-year put options
Exercise price = A$0.54
Premium = A$0.06
For Australian dollar (A$)
Spot rate
CNY2.9949/A$
One-year forward rate
CNY2.4278/A$
One-year A$ deposit and borrowing rate
4.7%
One-year call options
Exercise price = CNY1.92
Premium = CNY0.18
One-year put options
Exercise price = CNY1.86
Premium = CNY0.12

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