三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

Economy

Stronger yuan to pep up domestic air carriers

By Wang Ying (China Daily)
Updated: 2010-06-22 08:19
Large Medium Small

SHANGHAI - Airline shares surged on the Shanghai Stock Exchange on Monday, on anticipation that their US-dollar-denominated overseas debts would shrink considerably after the central bank signaled an end to the currency's peg to the dollar.

Stronger yuan to pep up domestic air carriers
A China Southern plane taxis on a runway after landing while an Air China flight departs at Beijing Capital International Airport. Doug Kanter / Bloomberg 

The People's Bank of China indicated during the weekend it was going to slacken a 23-month peg against the dollar, and let the yuan be more flexible.

Domestic carriers are tipped to be the biggest gainers from a stronger yuan, as all of them have run up huge international debts from buying Airbus SAS and Boeing Co planes.

Related readings:
Stronger yuan to pep up domestic air carriers Stocks surge on yuan move
Stronger yuan to pep up domestic air carriers Yam calls for looser restrictions on city's yuan businesses
Stronger yuan to pep up domestic air carriers World markets rally on yuan policy
Stronger yuan to pep up domestic air carriers China's move on yuan reform widely welcomed

Guangzhou-based China Southern Airlines Co Ltd currently has an overseas debt of 52.4 billion yuan ($7.71 billion), while the Beijing-based Air China Ltd owes 45 billion yuan and the Shanghai-based China Eastern Airlines has debt of 30 billion yuan, according to Li Lei, an analyst with Citic China Securities.

"The market expects the Chinese currency to rise between 2 and 3 percent in value. This will trim at least 1 billion yuan from each of the three carriers' US dollar debts," Li said.

Shares of China Southern Airlines Co Ltd, the nation's largest carrier by fleet size, rose 8.18 percent to close at 7.27 yuan on Monday, while Air China and China Eastern rose 6.44 percent and 5.59 percent respectively.

Although Air China operates the nation's largest amount of outbound flights, analysts considered China Southern as the biggest beneficiary due to its huge overseas debt.

The Guangzhou-based carrier just welcomed its 400th plane on Sunday, making it the world's sixth-largest carrier by fleet size. It is quickly expanding its aircraft numbers, and plans to add 12 new aircrafts this year.

Yao Jun, an industrial analyst with China Merchants Securities, said that each percentage point that the yuan rises would boost China Southern shares by 0.044 yuan, Air China by 0.025 yuan, and China Eastern by 0.021 yuan.

Yao said China Southern, Air China and China Eastern will write off their overseas debts by around 352 million yuan, 306 million yuan and 237 million yuan respectively, for every percentage point that the Chinese currency strengthens against the US dollar.

"A more expensive yuan is good news for international flights' fuel costs, as well as take-off and landing fees, and the biggest gains would be our overseas debts," said Rao Xinyu, board secretary of Air China.

According to Rao, the appreciation of the yuan will help reduce the Beijing-based carrier's capital expenditure, which is expected to reach 15 billion yuan this year. Nearly 70 percent of the capital expenditure is used to purchase aircraft and equipment.

The three leading carriers registered an encouraging first-quarter report earlier. China Southern posted a net profit of 1.419 billion yuan, five times higher than that of last year.

Air China posted a net profit of 2.17 billion yuan, up 121.33 percent over the same period last year, while China Eastern moved into the black after reporting a net profit of 770 million yuan.

主站蜘蛛池模板: 自偷自拍三级全三级视频 | 免费黄色在线视频 | 欧美精品1区 | 你懂的免费网站 | 国产精品拍自在线观看 | 中文字幕第一页在线 | 久久精品综合视频 | 国产免费高清在线精品一区 | 91短视频在线观看免费最新91 | 五月六月伊人狠狠丁香网 | 午夜影院一区二区三区 | 免费看污又色又爽又黄视频 | 欧美三级影视 | 亚洲成在人天堂一区二区 | 青青热久麻豆精品视频在线观看 | 国产一级在线视频 | 爱爱免费视频网站 | 国产一级黄色录像 | 亚洲欧美日韩精品永久在线 | 欧美日韩国产一区二区三区不卡 | 国产精品日韩欧美一区二区 | 国产成人国产在线观看入口 | 日本中文字幕有码 | 国外成人免费高清激情视频 | 日本黄在线| 国产欧美二区三区 | 成人黄 在线播放 | 免费xxxx18美国视频 | 午夜国产福利在线 | 国产伊人影院 | 欧美在线一区视频 | 扒开双腿猛进入jk校视频 | 亚洲一区有码 | 久久久久久国产精品免费免 | 国产精品一国产精品 | 亚洲人成网站在线观看播放青青 | 欧美人成a视频www | 一级毛片免费在线 | a级午夜毛片免费一区二区 a级午夜理论免费毛片 | 日韩视频久久 | 一区二区在线视频观看 |