SHANGHAI –
Chinese firms are squirreling away even more dollars, pricing contracts in yuan and opening import lines to mitigate currency risks as trade tensions threaten to roil foreign exchange rates.The trend shows exporters are preparing for a long-term shift in trade toward Asia, Latin America and Africa, and safeguarding against potential currency fluctuations such as those seen during U.S. President-elect Donald Trump’s first term.Knife-edge margins are also adding to companies’ anxieties, with spot markets already pushing the dollar about 2% higher on the Chinese currency in the weeks since the U.S. presidential election on Nov. 5.
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