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This paper investigated foreign exchange risk management of Chinese MNEs compared with US and UK MNEs. Based on the 14 MNEs selected from each country, annual reports are used to collect data. Whether hedging or not, foreign exchange risk measurement, foreign exchange risk management, determinations on hedging, and hedging techniques are the focus in this study. This study finds that USA and UK MNEs are more active in hedging than Chinese MNEs, which is in line with empirical findings. And more Chinese MNEs have not mentioned the way of measuring foreign exchange risk. In addition, compared with US and UK firms, a certain number of largescaled Chinese MNEs have not hedged, which is opposite to most previous research results. Also Chinese firms with relatively lower centralization have lower percentage on hedging in foreign exchange risk, which is in line with empirical studies. On the other hand, the USA, the UK and China are very similar in terms of foreign exchange risk management, goals, and external hedging techniques. Moreover, there is no significant difference in the relationship between the percentage of overseas business and hedging. Finally, this study concludes with the findings and provides important recommendations for further research. Keywords—Foreign exchange management; Firm size; Centralization; Hedging techniques

An Investigation of Foreign Exchange Risk Management in Chinese Multinational Companies Compared with US and UK MNEs