With the spread between China and the United States gradually upside down and further expanding, the outflow of foreign capital has increased significantly. On the market side, the capital outflow in the bond market is more serious than that in the stock market. Relatively speaking, the stock market is more moderate and its marginal influence is weakening. Before 2022, RMB bonds held by foreign-funded institutions through bond bonds basically kept rising. However, since 2022, including the statistics of the Central Clearing Company and the Shanghai Clearing Company, the RMB bonds held by foreign-funded institutions have dropped from a high of 4,069.7 billion yuan in June to 35 1 1 billion yuan in July, with a reduction rate of 558.7 billion yuan.
From the perspective of the stock market, we use (net transaction of land stock connect-net transaction of Hong Kong stock connect) to measure the net capital inflow of land stock connect. It can be found that the net capital outflow of the stock market reached its peak in March 2022, but compared with the outflows in March 2020 and June 20021year, there is still a certain gap, and the capital outflow began to slow down after March 2022. Among them, the net inflow of land stock connect in June was 33.7./kloc-0.9 billion yuan, and the net inflow in August was 5.478 billion yuan. On the whole, the total net outflow from March to August in 2022 was 99.906 billion yuan, and the overall outflow of the stock market was moderate, and the marginal impact was reduced.