The causes of foreign exchange risk of such companies are limited financing channels, unbalanced debt structure and exchange rate changes.

1. Limited financing channels: Airlines are traditional technology-intensive, capital-intensive and risk-intensive industries.

2. Unbalanced debt structure: The debt ratio of most airlines is as high as 80%, and the debt structure of most airlines is considered unreasonable.

3. Exchange rate changes: exchange rate changes are mainly determined by the national exchange rate system, so after the exchange rate reform, the liability structure of airlines is particularly unbalanced.