The firm's stock market valuation has fallen by more than six per cent, or almost $200 billion in the last two days.  This is mostly because China is the technology giant's third-largest market, accounting for 18 per cent of its total revenue last year.

We reported how Beijing had ordered a central government agency officials to not bring iPhones into the office or use them for work and that there were plans to widen the ban to state-owned companies and government-backed agencies.

The reports are dire news for the overpriced the iPhone 15 which is expected to launch on 12 September.

Shares in some of Apple's suppliers have also fallen on the back of the news. Qualcomm, the world's biggest supplier of smartphone chips, dropped by more than seven per cent on Thursday. Shares in South Korea's SK Hynix were around four per cent lower on Friday.