Long JPY PositionJPY bought = [CNY 10 million x JPY 16.4587] + [CNY 10 million x JPY 16.4592] = JPY 164,587,000 + JPY 164,592,000 = JPY 329,179,000
Net JPY PositionJPY net position = Total JPY sold – Total JPY bought = JPY 493,566,500 – JPY 329,179,000 = JPY 164,387,500
Therefore, the average rate can be calculated as follows: Average rate = JPY 164,387,500 / CNY 10,000,000 = CNY/JPY 16.44 (rounded)