China’s capital outflows jumped in December, with the estimated 2015 total reaching $1 trillion, a record for data dating back to 2006.

Outflows increased to $158.7 billion in December, the second-highest monthly outflow of the year after September’s $194.3 billion, according to estimates compiled by Bloomberg Intelligence. The total for the the year soared more than seven times from $134.3 billion in the whole of 2014. 

December’s outflows increased by almost $50 billion from a month earlier, highlighting the scale of the battle facing policy makers trying to hold up the yuan amid slower economic growth and slumping stocks, forcing them to burn through foreign reserves to reduce yuan volatility. In addition to capital exiting the economy, exporters are holding funds in dollars instead of converting them to yuan, said Tom Orlik, Bloomberg’s chief Asia economist in Beijing.

"Both factors reflect bearish sentiment on China’s currency, and contribute to downward pressure on the central banks’ foreign exchange reserves," Orlik said.