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China Southern Airlines warns of Q1 loss

China Southern Airlines, the country's largest carrier by fleet size, warned of a loss of more than $50 million in the first three months of the year as it was hit by exchange losses cause by a weaker yuan. In a filing to the Hong Kong Stock Exchange the firm said it would lose 300-350 million yuan ($48.2-$56.3 million) in January-March. That compares with a net profit of 57 million yuan in the same period last year, the filing said.

China Southern Airlines issues profit warning

China Southern Airlines, the country's largest carrier by fleet size, warned of a loss of more than $50 million in the first three months of the year as it was hit by exchange losses cause by a weaker yuan. In a filing to the Hong Kong Stock Exchange the firm said it would lose 300-350 million yuan ($48.2-$56.3 million) in January-March. That compares with a net profit of 57 million yuan in the same period last year, the filing said.

US Treasury: China does not manipulate yuan

The US Treasury said Tuesday that China cannot be ruled a manipulator of its currency despite the yuan's sharp slide since January. But the Treasury said the recent fall could "raise particularly serious concerns" if it represents a reversal in Beijing's commitment to a more free-floating yuan.

Beijing rejects IMF's hard-landing warning for China's economy

By David Brunnstrom WASHINGTON (Reuters) - A senior Chinese official hit back on Saturday at International Monetary Fund warnings that China's economy faced the danger of a hard landing due to poor asset quality, saying the government was taking action to deal with financial risk. Chinese Vice Finance Minister Zhu Guangyao said China worked closely with the IMF but did not agree with all of its analysis.

China yuan slips in rankings as value weakens

Use of China's yuan as a global payments currency retreated in February, transactions organisation SWIFT said, as the unit fell against the dollar. The yuan dropped back to the eighth most-used currency for payments worldwide, the Society for Worldwide Interbank Financial Telecommunication said, just behind the Swiss franc traditionally seen as a safe haven for investors. In January, it had risen above the Swiss unit to take seventh place.

Chinese airlines caught in forex crosswinds as Beijing eases grip on yuan

By Fang Yan and Matthew Miller BEIJING (Reuters) - Chinese airlines, already grappling with half-empty premier cabins due to Beijing's austerity drive, will be tested next in their ability to hedge against currency risks as China looks set to allow greater two-way swings in the yuan. The yuan has gained some 30 percent against the dollar since 2005 as China slowly loosens its grip on the currency. In recent weeks, however, Beijing allowed the yuan to slide sharply to punish speculators, adding more volatility in the market.

Britain, China sign yuan deal

Britain and China have signed a deal for the first clearing service for yuan trading outside of Asia, the government here said Wednesday. The move would make yuan, or renminbi, transactions in London's financial centre more efficient and quicker. Britain's Treasury said in a statement that the agreement between the Bank of England (BoE) and the People's Bank of China (PBoC) "further strengthens London's position as the Western centre of renminbi trading".

China's plan for global yuan hits speed bumps

By Michelle Chen and Saeed Azhar HONG KONG/SINGAPORE (Reuters) - Turbulence in Chinese financial markets, reflecting growing worries about investing in the country's assets, could slow the yuan's rapid emergence as a major international currency. Over the past five years, the yuan has gone from being a thinly traded currency to a major one for trade settlement, retail and institutional investment and arbitrage activity. A host of financial and commodity linked derivatives are tied to it.

China's yuan slides to near one-year low as economic risks mount

By Michelle Chen HONG KONG (Reuters) - China's yuan fell beyond 6.20 to the dollar on Wednesday for the first time since April last year amid market speculation the central bank will keep the currency weak as economic growth slows. The yuan has tumbled 0.8 percent so far this week after the People's Bank of China (PBOC) on Saturday doubled the daily trading band allowed for the currency to 2 percent from the mid-point that it sets each day.

China's yuan dips in widened band, but scope for big swings seen limited

By Lu Jianxin and Saikat Chatterjee SHANGHAI/HONG KONG (Reuters) - China's yuan eased against the dollar on Monday after the central bank doubled the currency's daily trading band as part of its commitment to let markets play a greater role in the economy. Yet the currency moved in a relatively narrow range reflecting market views that the People's Bank of China will seek to limit currency swings at a time when markets fret over China's cooling growth and the quality of corporate debt.
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