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The current USD vs. CNY spot rate is S(CNY/USD) = 6.5. In two years, the spot rate can take one of two values: 6.25 and

The current USD vs. CNY spot rate is S(CNY/USD) = 6.5. In two years, the spot rate can take one of two values: 6.25 and 7.00. Two year interest rates are 0.15%pa in the United States and 3.85%pa in China. To the nearest hundred CNY, what is the no-arbitrage CNY price of a two year call on USD 100,000 vs. the CNY with strike price equal to current spot price, ignoring any possible transaction costs?

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