A dispute with international banks has cost Chinese airlines dearly as they have been flying for much of the past year without insurance against surging oil prices.
Profits at two of the country’s biggest airlines have fallen sharply as a result, providing an example of how too much risk aversion in Beijing’s management of the economy can itself be risky.
Three years ago the Chinese government barred airlines from buying crude future contracts – an essential form of protection against rising fuel costs.
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