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8. Banco Globo is a bank based in Mexico, and is looking for funds to expand its business activities in Latin America. The bank has been approached by HSBC, an investment bank with access to the Chinese market, and has proposed Banco Globo to issue a renminbi bond, together with a cross currency swap to get access to cheap finance. One of the Banco Globo directors is also worried about an increase in interest rates and asked JP Morgan to propose a hedging solution. However, the bank is not keen to lock into a fixed rate today and would like to have some flexibility as to when it can strike a fixed rate. JP Morgan has thus proposed the use of a swaption, an option to enter the swap. Explain what a cross currency swap and an interest rate swaption are, how they work and provide an example of how they could be used as a hedging or financing tool, specifically to the above scenario