While the yuan is falling in value against the dollar, huge amounts of cash are leaving the Chinese financial market, and for the first half of the year net capital outflow from stocks, bonds and private equity in China amounted to $101 billion, writes Business Insider.

At the same time, China itself believes that the outflow of funds for almost half of this amount – $45.2 billion – is the result of “errors and omissions,” which most likely points to illegal or semi-legal channels of withdrawal.

It was the largest annual outflow of investors from the Chinese market since 2016.

The main reason for it remains the yuan’s 11% fall against the dollar since the beginning of the year. Unlike many other central banks around the world, the People’s Bank of China has decided not to raise, but rather lower the lending rate to reverse the slowdown in the economy, while fighting the debt crisis in the housing market.

China’s overall balance of payments is positive as exports continue to outpace imports. But several clues suggest investors are looking for new ways to move money out of China and bypass capital controls.

Indirect signs include increased inquiries about studying in Hong Kong, a surge in the number of family offices in Singapore, a popular destination for Chinese dealmakers, and more purchases of dollar-denominated insurance products in Macau.