China's total outstanding corporate debt in 2015 was USD 17.8 trillion, equivalent to 171% of the GDP. China’s heaping corporate debt has become the highest in the world, and this is keeping foreign institutions at bay. In our opinion, the debt crisis that foreign institutions are most worried about is in fact the key problem behind the depreciation of the RMB. This deep anxiety is permeating foreign investment. It is beneficial for China to understand the anxiety of foreign investors, as it can at least signal to the relevant government departments that future policy makes must write policies prioritising the stability of the exchange rate of the RMB to prevent this trigger from being pulled again.