$676 billion vanished from China’s economy last year

China stock market

An estimated $676 billion disappeared from the world’s second-largest economy last year, according to a report from the Institute of International Finance.

China alone lost $111 billion more than all other emerging markets combined.

The report says capital outflows were particularly bad in the final quarter of 2015, as overseas investors grew increasingly wary of the country’s economic growth and stock market turmoil, and turned their efforts to other markets and investment opportunities in other parts of the world.

The country was further weakened as Chinese company’s rushed to pay off foreign loans as the yuan weakened.

The report expects China to “see further large overall capital outflows as it continues to struggle against macro headwinds and to intervene heavily to stabilize its currency.”

In August almost $200 billion left the country. That was the month when the People’s Bank of China forced a weakening of the yuan.

The yuan is expected to lose another 3% of its value by the end of 2016, placing even more pressure on investors to withdrawal funds from the country.