Two Days Only! Apple Loses $200 Billion Because of China

<p>&nbsp;Apple shares fell as much as 2.9% on Thursday following reports that China has banned the use of iPhones by state-backed agencies and companies.</p><p><br /></p><p>Investors are certainly concerned about the fate of the tech giant as China is one of its key markets.</p><p><br /></p><p>As a result, Apple posted its biggest daily drop in more than a month on Wednesday, losing about $200 billion in just two days.</p><p><br /></p><p>In fact, its shares are now among the worst performers in the Dow Jones Industrial Average.</p><p><br /></p><p>On Wednesday, the Wall Street Journal reported that Beijing banned the use of iPhones for central government officials.</p><p><br /></p><p><br /></p><p>Later on Thursday, Bloomberg reported that the restrictions had been extended to government-backed firms.</p><p><br /></p><p>This includes energy giant PetroChina, which employs millions of workers and controls a large part of China's economy.</p><p><br /></p><p>Analysts at Bank of America wrote in a note Thursday that the potential iPhone ban follows a new high-end flagship smartphone released by Chinese manufacturer Huawei.</p><p><br /></p><p>Bank of America analysts see the ban as possibly having to do with the new 'high-end flagship' smartphone produced by Chinese tech giant Huawei.</p><p><br /></p><p>Beijing is the largest foreign market for the company's products, and its sales represented about one-fifth of the company's total revenue last year.</p>