High-frequency data detected unprecedented cash flows out of China following Russia’s invasion of Ukraine, flagging a decreased confidence of investors amid geopolitical conflict and uncertainty. A “very unusual” shift emerged to global capital flows in emerging markets in late February, as China saw investors pull out of from its market while the rest holds up, analysts at the Institute of International Finance (IIF) said after compiling daily numbers. “Outflows from China on the scale and intensity we are seeing are unprecedented, especially since we are not seeing similar outflows from the rest of emerging markets,” wrote IIF’s Chief Economist Robin Brooks and his colleagues, in a March 24 report. “The timing of outflows—which built after Russia’s invasion of Ukraine—suggests foreign investors may be looking at China in a new light, though it is premature to draw any definitive conclusions in this regard,” the report reads. Economists said Russia could see …