Our short-term outlook for the renminbi has been downgraded. We expect the renminbi to continue to depreciate in 2016. The weaker currency outlook is primarily due to slower GDP, with policy makers allowing limited currency depreciation to support export competitiveness and stabilise short-term economic growth. China's GDP growth is forecast to slow from 6.9% in 2015 and 6.4% this year. We forecast modest depreciation to 6.68 in 2016, and to a low of 6.92 in 2018.