China exporters are trading their way to a more global yuan

Beijing

FACED with a currency now moving more freely in both directions, smaller-scale Chinese exporters are embracing hedging strategies and even ditching the dollar when it comes to writing invoices.

The yuan's surprise appreciation - more than 5 per cent in the first eight months of this year - put exporters in slim-margin industries in a tight spot. That was the case for the footwear unit of Anhui Light Industries International Co, whose range of loafers, slippers and ladies' sandals ends up in department stores in the US and Europe.