China's renminbi could be devalued, according to the latest quarterly global survey from ACCA and IMA.
Findings of the survey show concerns that China's economy might be heading for a hard landing.
63% of businesses in Asia-Pacific became less optimistic about the economic outlook in the first quarter of 2016/2017.
The proportion of firms in the region cutting investment in capital projects and laying off staff was also above the global average.
"Take North America out of the equation and the economic picture painted by this survey isn't a pretty one," said Faye Chua, ACCA head of business focus. "Emerging markets are besieged. Revenues for commodities firms have collapsed since mid-2014. And business confidence in China has fallen to its lowest level since our records began."
Some economies such as Malaysia and Australia, have been hit by the collapse in commodity prices.
Housing markets are weakening in Singapore and Hong Kong that may also have to face rising interest rates in the near future.
The survey has observed a slump in global trade and this is the reason why a large number of businesses in Asia Pacific are reporting a drop in profitable opportunities (63%) and income (57%).
"With emerging economies continuing to struggle with low commodity prices and many businesses on a spending lock down, the outlook for the global economy is becoming increasingly gloomy," added Chua.
Despite these warnings, most forecasters still expect global growth to pick up in 2016 and if they are right the first quarter of 2016 will be the low point for global confidence.
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