China's expansion of the iPhone ban causes its market value to shrink🤔

Equity sentiment remained poor with USDCNY continuing to break to the highest (CNY weakest) levels since 2007, while the government further expanded their iPhone ban to include more agencies, knocking off $200bln in Apple’s market value just ahead of the iPhone 15 release next week. Bank of America estimates that China accounts for ~50mm in annual iPhone sales per year, with this ban costing between 10–20% of their unit shipments. Prior to the China crackdown, Apple was on course to become the world’s biggest smartphone maker by volume for the first time, but it appears that milestone would have to wait in the current environment.

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