Apple wanted a bigger bite of China, which helped propel the tech giant to success — but now the country’s sagging economy is biting back

China unexpectedly devalued its currency, the yuan, last week, cutting its value by over 2% compared to its biggest rival, the U.S. dollar. China made the move because of its stalling economy and stock-market crisis, but having a cheaper currency also means China could become more competitive, causing consumers to favor its products over more expensive U.S. ones, which would in turn improve its trade balance

As a result, and experts are warning that Apple and other companies that do business in U.S. dollars could feel the pinch to their profits in the long-term. Read more…

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Apple’s biggest new business risk is a cheaper Chinese currency