Mar 31, 2016
Yuan devaluation hurting China's big caps - UOB
Analysts at UOB group explained that China's Big Three state-owned airlines (China Southern Airlines Co., China Eastern Airlines Corp., and Air China Ltd.) combined suffered about US$2.5 billion in foreign-exchange losses last year after the country unexpectedly devalued the yuan in August, squeezing passenger yields and limiting profit gains from declining oil prices.
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