Imagine you are the Chief Financial Officer $($CFO$)$ of a Tanzanian manufacturing company that imports raw materials from China to produce consumer goods for the domestic market. Develop a forex risk management plan to hedge the company's currency exposure to fluctuations in the Chinese yuan $($CNY$)$ against the Tanzanian shilling $($TZS$).$ Evaluate different hedging instruments, such as forward contracts, options, and currency swaps, and recommend the most suitable strategy based on the company's risk appetite, cash flow requirements, and market outlook.

Please provide a detailed plan