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[$$] It Is Time for Chinese Airline Stocks to Unfasten Their Seatbelts

China’s biggest airlines are ready to turn off their seat belt signs after a period of turbulence. All three airlines suffered heavy FX-related losses in the first half: Factor them out of Air China’s numbers, for example, and pretax profit would have been up 6.8%, rather than down 3.2%. China Southern, for example, reduced its dollar-denominated borrowings and lease obligations as a portion of total borrowings and lease obligations to 34% by the end of 2017, from 93% three years earlier.