The latest devaluation of the Chinese currency in the past two days has prompted widespread concern about the possible benefits and losses.

Winners:

A lower yuan will help rejuvenate the country's iron and steel industry, which is currently facing overcapacity issues. The Belt and Road Initiative has already provided the iron and steel industry with a new perspective for foreign trade. The yuan devaluation will make iron and steel enterprises more competitive in terms of exports and reduce the industry's overcapacity.

Information technology suppliers will benefit immensely from the yuan devaluation. Most of these companies use the greenback for trades with overseas enterprises, but settle staff salaries and operating costs in the Chinese currency. The lower yuan rate will boost revenues and lower expenses for these companies. The rate differential is particularly beneficial for contract manufacturing companies like Hon Hai Precision Industry Co Ltd and Pegatron Corp.

Spot gold prices surged to a three-week high of $1,108.6 per ounce on Wednesday, as the currency devaluation propelled more investors to the bullion market. Unlike paper currencies, bullion and other precious metals are considered more stable in real purchasing power. So when the yuan declines, people buy alternatives like gold to hedge against losses. Buoyed by the strong demand the yellow metal prices are expected to stay high for a reasonable period of time.

Losers:

The currency devaluation will put more pressure on aviation companies to repay their debts in dollars. Share prices of China's three main aviation enterprises have been falling since the central bank devaluated the yuan against the US dollar on Tuesday. China Southern Airlines shares declined by 6.15 percent on Wednesday. The aviation industry has a high average debt ratio of 70 to 80 percent, and its installment loans to buy or rent airplanes are mostly settled in US dollars, which means the companies will now need extra renminbi for repayment. In 2014, a devaluation of the yuan cost Air China exchange losses of 360 million yuan ($55.8 million).

Devaluation of the yuan against the US dollar will affect the country's outbound tourism in the future, as expenses on accommodation and shopping, which accounts for a great proportion of tourism consumption, will increase according to the changing exchange rates. The rising costs will reduce the tourism motivation, especially for credit card users, for whom the devaluation may indicate higher repayment costs. In terms of overseas B2C business, most purchasing companies will bear the costs of devaluation to attract more consumers, so the prices will largely remain unchanged.

The yuan devaluation will lead to a slump in real estate investments and hamper the sector. A decline of the Chinese currency means comparatively lower returns on investment in China, and less overseas capital inflows. Inland investors may also prefer overseas assets, which will reduce money in the domestic real estate market even further. A shortage of investment will also force property enterprises to raise money from property sales by cutting housing prices.