Yuan swings prompt companies to cut dollar debt
With more deprecation of the yuan expected in the next few months, Chinese companies that have piled up dollardenominated debt are looking to reduce their debt burdens at a time when the economy is slowing sharply.
Sany Heavy Industry Co Ltd, the Beijing-based equipment manufacturing giant, said that it had started reducing its foreign exchange loans from last year.
The company cut its forex loans from $3.72 billion at the beginning of 2015 to $2.15 billion by the end of October 2015, according to data provided by the company.
China Eastern Airlines Co Ltd, one of the major carriers in China, said it was repaying debts worth $1 billion as part of its ongoing efforts to cut dollar-denominated debt.