Most Singapore firms looking to exit China on back of slowing growth, rising costs

64% have already moved their Asia headquarters.

Approximately half of the Singapore CFOs said they were considering a change in their China strategies, the Bank of America Merrill Lynch 2015 CFO Outlook Asia survey showed.

Of those, 64 percent said they had already moved their Asian headquarters out of China to another country in Asia in the past year, while 80 percent are contemplating moving at least part of their operations out of China in the coming year.

Both of these figures are among the highest in the region.

In terms of foreign exchange, 77 percent of Singapore CFOs aid they have exposure to the China renminbi (RMB) than any other currency.

This compares to the regional average of CFOs with exposure to the RMB of 37 percent. Thirty-seven percent of Singapore CFOs said their RMB exposure was hedged.

“Singapore companies have significant businesses and investments in China,” added Seow. “Historically, there is a positive long-term view on the strength of the RMB, but as we can see from this survey, Singapore and the rest of ASEAN are becoming increasingly intertwined with what happens in China.”