Money is flying out of China. An estimated $676 billion left the world’s second-largest economy last year, according to a report from the Institute of International Finance.
That’s a lot more than the $111 billion that fled all emerging markets — including China — in 2014.
Capital outflows from China accelerated in the final quarter of 2015, the report said, as overseas investors grew increasingly wary of the country’s slowing economic growth and stock market turmoil. Chinese companies also rushed to pay off foreign loans as the yuan weakened.
The bleeding doesn’t look like it’ll stop anytime soon. China is expected to “see further large overall capital outflows as it continues to struggle against macro headwinds and to intervene heavily to stabilize its currency,” the report said.