Chinese corporates step up FX hedging after reopening

Exporters eye hedges as RMB strengthens, but negative forward points are a turn-off for some


Chinese corporates are looking to take a more proactive approach to foreign exchange hedging following the country’s reopening and the unwinding of its zero-Covid policy.

According to data from China’s State Administration of Foreign Exchange (Safe), FX forwards sales to onshore companies totalled $54 billion in February – a 44% increase since October. Kevin Zhang, head of FX onshore China trading at Standard Chartered Bank, says it has seen an estimated 10–15% increase in client hedging demand

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