"I think it's ridiculous that the global economy, Europe, Japan, the U.S., we're all actually looking to China to drag us out of this. That should tell us something right?," Bob Janjuah, a senior independent client adviser at Nomura, told CNBC Tuesday.
Despite the threat that it poses, most chief financial officers said that a Chinese devaluation of the yuan wouldn't affect their exports to the country or even their ability to compete with Chinese exports.
Nonetheless, 30 percent of respondents said that China's currency devaluation would "slightly" reduce the competitiveness of their own exports against China's, and 20 percent expected a "slight" reduction in exports to China itself.
For Russian aluminium producer Rusal, the devaluation could make Chinese companies more competitive, but is unlikely to have a major impact on its business as the yuan devaluation was only small, according to the firm's CFO.
"We are competing in certain markets with China such as…foil products, so Chinese currency devaluation will make Chinese companies more competitive and will make it harder to compete with them," Alexandra Bouriko, CFO of Rusal, told CNBC in a TV interview on Monday.
"But at the moment the devaluation is just 2.5 percent and China said on numerous occasion that they are not going to enter this devaluation war or currency war. So if this level the current level is sustainable we believe it will not really impact the companies like ours."