Based on the table, which hedging strategy would you prefer and why?

(Impact = benchmark $ receipt - actual $ receipt)

benchmark assumes no change from initial exhange rate of 4.7939/A$

TABLE4 ACTUAL AS RECEIPTS. IMPACT CNY Exchange Rate (CNYIAS). CNY Exchange Rate (CNYIAS). Hedge Used Forwards Options 4.7161 4 .8505 5 .3969, 4.7161 4.8505. 5.3969 Unhedged 0% 0%. 117.600.3485, 114,341.8200 102.765.476. 1.008,53151,340.000 12.020,340$ 100% Forward 100% 0%. 115.237.492$ 115237.492 115.237.402 54.325 454 325 454,325$ 100% Option 100% 110,007.8685. 113.735.803. 113.735,8035 -1,883.6008448,405$ 449,4053. 75% Forward, 25% Option 75%. 25% 116,445.0805 114.862,0895. 114,882,0805 -130, 1725 452,845$. 452,845$ 50% Forward, 50% Option 50%. 50% 116.662.8805 114,486,6478 114.486.8475714,0035 451,385$ 451,385$ 25% Forward. 75% Option 25% 75% 116,800.274.114.111.2255114.111.225 -1200,1645440.8855. 440,8859