Following extreme volatility in 2016, the renminbi has seen increased stability in the first quarter of 2017. But risks to the currency remain. China’s economy faces hurdles including worsening debt, non-performing loans (NPL), and increased capital controls. The CNH market has been suffering ever since the August 2015 reference rate devaluation. Recent escalating US-China tensions have also rattled markets. Driven by these events, Asset Benchmark Research conducted a survey on behalf of Standard Chartered Bank to provide constructive insight on the China economy, offshore renminbi usage patterns, risk management and opportunities in the One Belt, One Road (OBOR) initiative.
The project started in mid-March and spanned a month during which 205 treasurers and senior treasury/finance executives from Asia, Europe and the US were surveyed.