There was a $101 billion net withdrawal from China’s financial markets between January and June, bringing this year’s outflows from the mainland to its highest level in years.

Liberty Times reported on October 17 that funds are fleeing China’s financial markets at the fastest pace since 2016. This phenomenon is occurring amid the yuan’s devaluation, and the Chinese economy is in trouble.

According to Liberty Times, analysts point out that more money is flowing out of China through clandestine channels, another sign that confidence in China’s economic recovery is severely shaken.

Much of this money has been withdrawn from the bond market, which suggests attractive higher interest rates elsewhere, such as the United States, where the dollar’s value has increased 11% to the yuan this year.

While foreign investors fled, the Chinese also showed signs of looking to invest abroad. In August, the Chinese invested $42 billion abroad, up 34% from the previous month and 19 times more than in March.

In addition, there are illegal investment channels for the Chinese to choose when they lose confidence in investment channels in the country. Buying insurance products in Macau with dollars with attractive long-term returns is one such investment channel.

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