Chinese firms warned to strengthen foreign exchange safeguards

The Chinese authorities have urged companies to better manage their foreign exchange exposure and adopt hedging tools amid concerns that cross-border capital flows and the yuan’s exchange rate could be tested as Washington prepares for monetary tightening.In a report released on Thursday, the State Administration of Foreign Exchange (Safe) urged them to carry out a thorough examination of business operations and estimate forex risk exposure before making “scientific” and “effective” hedging plans…

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