1. China's repayment of foreign debt: this part has become one of the main outflow factors, accounting for about one third of the total capital outflow. With the continuous strengthening of the US dollar against the RMB, the appreciation of the RMB against the US dollar has increased China's debt service cost, forcing China enterprises to get rid of foreign debts as soon as possible. In August last year, the "big diving" of RMB exchange rate intensified this trend of quick debt repayment.

2. Net errors and omissions: This includes some items that are not included in the balance of payments calculation, including underground capital flows and trade misstatements. The total outflow is $654.38+88 million.

3. China increased its holdings of overseas assets: 20 15 As the RMB continued to depreciate, China residents rushed to increase their holdings of overseas assets.

Foreigners' Withdrawal from China Bank [-0.90% Capital Research Report]: In 2015 years, due to the depreciation of RMB, foreign residents withdrew their capital from local banks in China/kloc-0.23 billion US dollars. This also reflects the broader trend of capital flow, that is, from emerging markets to developed markets.

4. Securities investment: It mainly involves two points. First of all, in 20 15, China residents diversified their portfolios and hedge funds and increased their holdings of overseas assets in order to prevent further depreciation of the RMB. Second, in view of the market decline in the third quarter of 20 15, foreign capital began to withdraw.

5. Direct investment: China enterprises began to acquire a large number of foreign companies, which increased the capital outflow of China.

20 16 capital outflow slowed down in the early stage. China officials have banned underground banks and asked them to crack down on China citizens who try to evade the $50,000 withdrawal limit by "splitting up money laundering" or transferring assets in small amounts under the guise of friends or family.