In three months, customers buy USD, that is, the bank (the quotation party) sells USD (the benchmark currency here), the applicable exchange rate is 98.6 1, and the company needs to pay 500,000 * 98.61= 49.305 million yen.
2. Forward exchange rate: Euro/USD = (1.3425-0.0023) ~ (1.3436-0.0010) =1.3402 ~1.
When the customer sells USD, that is, the bank (the quotation party) sells Euro (the Euro is the benchmark currency here) and the exchange rate is 1.3426, the company can get Euro: 1 10,000/1.3426 = 744823,000 Euro.
3. In the interest rate parity, the currency with low interest rate appreciates positively, and the forward dollar appreciates, which is consistent with the spread. The forward exchange rate is:
USD/CNY = 6.1258 * [1+(3.25%-0.35%) * 6/12] = 6.2146.