Your company, a large Chinese manufacturing firm, is expecting to receive a €50 million payment in three months. The current EUR/CNY spot rate is 7.80. As the company's treasurer or FX trader, how would you assess this foreign exchange exposure and develop a comprehensive hedging strategy, considering potential exchange rate volatility and the company's focus on earnings stability? Please walk me through your thought process, the hedging instruments you would consider, and your rationale for selecting a particular strategy.