Some Chinese companies are holding on to dollar revenues from exports, while others are turning to foreign exchange hedging in anticipation of a fall in the value of the yuan, according to executives, bankers and data analyzed by Reuters.

Several bankers in China said that clients are reluctant to convert export receipts, while exchange filings show more than 30 A-share listed companies have signed up to use currency derivatives for risk-hedging so far this year.

Central bank data also shows a shift, with dollar deposits at China's commercial banks, which had declined over the past year, jumping by $34 billion in January to $887.8 billion.