China’s state-owned airlines have had a turbulent year and are warning of first-half earnings to match when they report this month.
With the bulk of their earnings in renminbi and fuel and aircraft costs denominated in US dollars, China’s big three airlines benefited from the Chinese currency’s steady appreciation against the greenback over the past decade.
But in recent weeks, Air China, China Eastern and China Southern have all issued profit warnings, citing foreign exchange losses from the renminbi’s unexpected weakening this year.
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