Commodities, exporters, emerging markets to suffer BloombergThe Chinese yuan’s sharp depreciation is reverberating across the globe.Commodities, exporters to China, and economies in competition with China are among the biggest losers in the wake of the unexpected decision by Beijing to weaken the yuan, according to analysts. “We think a decline in excess of 10% is unlikely as the renminbi is 5% to 10% overvalued,” Andrew Garthwaite, an analyst at Credit Suisse, said in a report. Still, the decision to devalue the yuan underscores mounting worries over China’s economic slowdown that will have global implications, particularly for industries and companies that have been relying on the world’s second largest economy for growth. Here are the five biggest losers of the yuan’s devaluation: 1. Commodities Strong Chinese demand for commodities from oil to metals has been credited with a boom in the commodities industry. Now with China’s economic growth moderating, commodities are among the first to feel the sting, with copper likely to suffer the most. “Renminbi devaluations have tended to correlate with broad-based weakness in commodities,” according to analysts at Credit Suisse. 2. High-end brands High-end fashion brands from Prada and Hermes to auto companies like BMW,BMW, +0.08% are expected to be among the most vulnerable. Chinese shoppers individually spend significantly more on luxury goods than European consumers, Credit Suisse said. BloombergVisitors walk among BMW AG vehicles at the 16th Shanghai International Automobile Industry Exhibition in Shanghai. Apple Inc. AAPL, -0.08% is also expected to be impacted as a weaker yuan makes imports more expensive. “Currency translation effect will hurt revenue for tech companies with lots of RMB denominated sales in China, but report in U.S. dollar, e.g. AAPL,” said analyst Bill Whyman at Evercore ISI. 3. Companies in competition with Chinese firms First Solar Inc. FSLR, -1.48% Alcatel-Lucent ALU, +0.00% and Bombardier Inc.BDRBF, -2.14% are among companies that are likely to be hurt from direct competition with Chinese peers, Credit Suisse said. Companies in the low-end semiconductor market are also likely to see their competitiveness erode. 4. Emerging markets The currencies of Taiwan, Malaysia and Korea are likely to come under pressure as these countries export more than 5% of their gross domestic product to China. In comparison, U.S. exports to China only account for 0.7%, according to Credit Suisse. Lower commodities prices could weigh on Russia and Brazil, both of which are big commodities exporters, said Jonathan Golub, chief U.S. market strategist at RBC Capital Markets. 5. Chinese companies that source from overseas Chinese companies, particularly in automobile and paper industries that rely on resources and parts from overseas, will have to pay more for materials, Credit Suisse said. Chinese entities with large dollar-denominated debt will also see their financing costs rise. More from MarketWatch