China’s expanded iPhone ban causes its market value to shrink📉
Stock market sentiment remains subdued, with USD/CNY continuing to breach its highest level since 2007 (with the yuan weakening), while the Chinese government further expands the iPhone ban to include more institutions, causing Apple to lose $200 billion in market value ahead of next week's iPhone 15 release US dollars, Bank of America estimates that iPhone sales in China are about 50 million units. The ban will lead to a 10-20% reduction in shipments. Before China’s crackdown, Apple was expected to become the world’s best-selling smartphone for the first time. manufacturers, but in the current environment, it seems that this milestone must be postponed.
