China Just Gave Apple’s Biggest Suppliers a Welcome Surprise
Yuan Devalued to Combat China Slowdown
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Apple Inc. suppliers Hon Hai Precision Industry Co. and Pegatron Corp. may benefit from a surprise devaluation in China’s currency because both pay a major share of their workforce in yuan and sell in U.S. dollars.
China’s biggest yuan devaluation in two decades could be a boon to the two companies after their biggest customer Apple foreshadowed a potential slowdown of iPhone sales in Asia’s largest economy.