Swiss watchmakers face turbulent time in China

Swiss watch makers are facing turbulent times in one of their top markets, as the already shrinking luxury sales in China are compounded by the recent depreciation of the yuan.

Global financial markets are still reeling from the Chinese central bank's adjustment of the yuan on Aug 11, after which the currency fell nearly 5 percent against the dollar in a matter of days.

In Switzerland, the move rattled the country's luxury watchmakers, who have already seen their once booming sales in China take a hit as Beijing began to crack down on corruption in the country by banning extravagant gifts, such as prestigious watches, to public officials.