Even before that election, the Chinese renminbi was under heavy depreciation pressure (see figure 1.11). China's foreign currency and bond markets went through substantial swings at the turn of the year. It is estimated that 40 per cent of the roughly $490 billion in outflows in 2016 took place during the fourth quarter (BIS, 2017). With the introduction of new capital control measures in December, outflows slowed in the first month of 2017.