Tokyo

THE magnitude of the capital flight from the world's emerging markets (EMs) in 2015 was greater than feared, the Institute of International Finance (IIF) said on Wednesday.

Against the backdrop of the China-led economic downturn and the US Federal Reserve's first interest rate hike in many years, net outflows from some 30 EMs hit US$735 billion during the year, a larger amount than previously thought, said a report by the Washington-based institution, which counts many of the world's leading private financial institutions among its members.