Dive Brief:

• China’s central bank devalued the yuan twice this week, causing it to weaken against the dollar.

• The move was aimed at reviving the country’s slowing economy — as exports in July decreased 8.3% from the year before.

• For foreign companies that rely on sales in China, a weaker yuan means less revenue when the currency is converted back into U.S. dollars. On the other hand, Chinese manufacturers, such as Apple product assembler Foxconn, will get a boost from cheaper production costs at home.

Dive Insight:

The Wall Street Journal reported that Apple Inc. may be one of the biggest losers of the devaluation, as it benefits its Chinese rivals. For example, Huawei Technologies Co., which sells telecommunications equipment, and PC maker Lenovo already earn most of their revenue outside of China.

“Chinese tech companies across sectors are all pushing out into the world,” said Xiang Ligang, chief executive of Chinese telecommunications industry website cctime.com. “The yuan devaluation will make these products that much more competitive overseas.”