Apple iPhone Sales in China Could Suffer Amid Yuan Devaluation

China's jaw dropping move to devalue its yuan could have significant implications for Apple (AAPL), as 16% of the tech giant's revenue came from China last year. 'The devaluation of the currency reduces the global purchasing power of Chinese consumers,’ said Patrick Chovanec, Chief Strategist, Silvercrest Asset Management. ‘It makes those products more expensive for them so it could have a hit to Apple's sales.’ An iPhone 6 in China isn't cheap, with a price tag of 5,288 yuan or about $827. While Apple brought in a staggering $13.2 billion from China last quarter, representing a 112 percent year-over-year increase, the toll from the weaker yuan could extend beyond Apple's top line. 'Apple's earnings in China are worth less in dollar terms,’ Chovanec added. While analysts say the devaluation won't keep Chinese consumers from spending on items already denominated in yuan, it could affect outbound tourism. 'It just means the Chinese have less to spend globally,’ Chovanec said. And the volatility in China’s currency market is set to continue. TheStreet’s Scott Gamm reports from New York.