Chinese companies hit by Yuan devaluation
If you were thinking of investing in Chinese stocks, think again. China troubles are not over as Chinese companies are hit by the Yuan devaluation. Bloomberg Business reports that China Forex losses jump 13-fold and there is more to come.
The impact of August’s yuan devaluation has shown up in Chinese publicly traded companies’ annual results – and investors are bracing for more pain.
Some 980 listed Chinese companies reported combined foreign-exchange losses of 48.7 billion yuan ($7.5 billion) for last year, almost 13 times the amount in 2014, Bloomberg-compiled data show. Profits at those firms slumped 11 percent last year to […]