Lenovo, the world's largest maker of personal computers, finds itself in an atypical position for a Chinese manufacturer. Roughly a third of the company's sales are in its home market, giving it a high proportion of renminbi receivables. But its key suppliers – chip and hard drive manufacturers, for instance – are either based in the US or bill in dollars, meaning its cost base is stubbornly dollar heavy.
That makes hedging the renminbi/US dollar cross tricky, says Lenovo treasurer Damian Glendi
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