So farewell, then, Larry Yung. Citic Pacific may be hoping that the departure of its chairman last week will draw a line under the strange leveraged bets on the Aussie dollar that cost it $1.9bn. Market reaction to Thursday’s resumption of trading in the power-to-aviation conglomerate suggests a readiness to move on.

But that is probably more to do with the new guy than any vote of confidence in the ragbag of assets he inherits. Chang Zhenming, president of state-owned Citic Group, CP’s majority shareholder, replaces both Mr Yung and managing director Henry Fan, also shown the door this week. The leading strings between the parent and its unruly charge were yanked tighter in November when Citic Group assumed some of the currency liabilities and took effective control through a convertible bond.