The yuan’s 4.5% fall in Q3/4 2015 was the largest since 1994, and in the process it increased financing costs for Chinese companies, which are incidentally the biggest dollar borrowers in Asia. Then in January 2016 the yuan depreciated further contributing to a 31% first-quarter fall in Chinese dollar bond sales. At this time although there has been some pegging back of renminbi against the US dollar it continues to weaken against many other currencies such as the euro. The August 2015 yuan devaluation is now filtering through the books of Chinese airlines and is now showing up in Chinese

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