Today is 1 September. Your business is based in Australia and you regularly sell coal to clients in China. Your next sale will be at the end of October in the quantity of 50,000 tonnes of coal. Your invoice will be denominated in Chinese yuan. Relevant prices for coal are: spot price: RMB 1500 per tonne forward price with Oct delivery: RMB 1580 per tonne Relevant exchange rates between Yuan (RMB) and Australian dollars (AUD) are: spot exchange rate AUD 1.0000 = RMB 5.0000 forward rate with Oct delivery: AUD 1.0000 = RMB 5.2000 Required: Your aim is to fully hedge the risks involved in this sale of coal to China. Describe the forward contract/s you will enter today to fully hedge the risks involved in this transaction. You must be very clear regarding: (i) whether you enter a long or short position, (ii) what the underlying asset is, (iii) the quantity and price that would be on the forward contract.