The Hua Xia Corporation, a Chinese mineral extraction firm, wishes to make a Eurobond issue. The terms of the issue are as follows: par value of USD 150 million, annual coupon of 4.5 percent, maturity of 15 years, and offer price of 101 percent. If analysts expect the USD to depreciate against the Chinese yuan (CNY) by 3 percent annually in the foreseeable future, estimate cost of debt (CNY).