How much will not taking a foreign language impact my chances at top tier universities?

I am a rising senior and it's course selection time again. I have always dreamed of attending highly ranked schools such as the University of Pennsylvania, Cornell, or Columbia, but I have just realized that I have done nothing in school to satisfy the strong foreign language requirements that selective schools have. I am looking to go into business and have maintained a 3.8-9 unweighted GPA in full AP and honors classes this year, with 4.0 GPA my past two years and placed third in my state for Accounting II in FBLA, moving onto nationals. I am also in a multitude of other extracurricular activities and scored somewhat high the first time on the SAT, but hoping that I will improve the second time on the SAT. I am confidently bilingual, able to fluently converse as well as read Chinese as I am a second generation Asian-American. I was originally planning to take Spanish I over the summer and test into Spanish II in my senior year to at least satisfy the two language course requirement, but my course scheduling has caused conflicts in my plan. Is being bilingual enough to satisfy language requirements, or are there any ways I could use my bilingual ability to bypass the foreign language requirement in selective colleges? I've heard that colleges are lenient with languages if a student had shown strong growth in a particular field and taken those classes instead of a language, and I have taken four business classes with a 4.0 average over all of them, but I do not want to take any chances. Any help at all would be appreciated. Thanks!