Foreign investors have pulled a record £12bn out of China in an economic blow for President Xi Jinping.
Fears over the future of the world’s second largest economy meant foreign investors withdrew $14.8bn (£11.6bn) between April and June, data from the State Administration of Foreign Exchange shows.
It was only the second time more foreign money has been withdrawn from China than invested since records began in 1998, and was a massive swing from the net $10bn pumped into the country during the first three months of the year.
It came as the Saudi-led Organisation for Petroleum Exporting Countries (Opec) cut its forecast for oil demand growth, citing concerns over the Chinese economy.
www.msn.com/en-us/money/markets/blow-for-xi-as-investors-scramble-to-quit-china/ar-AA1oETSx