$1 trillion in capital flows out of China since summer 2014

China has seen nearly $1 trillion (€915 billion) in capital leave the nation since the second quarter of 2014, and according to analysts at JPMorgan Chase, the sky’s the limit for outflows going forward.

The causes of these massive capital outflows, which have prompted the People’s Bank of China to tap the country’s war chest of reserves to support the currency, have grown more numerous in the second half of 2015, argues a team led by managing director Nikolaos Panigirtzoglou.

Amid the broadening of sources of downward pressure on the yuan, however, a major factor that may have restrained the central bank from devaluing the currency in a big way has vanished.