The constant stream of capital outflows from China that have bedeviled global financial markets likely reached a record in November, according to estimates from Capital Economics.

Julian Evans-Pritchard, China economist at the Singapore office of Capital Economics, has estimated that net capital outflows totaled $113 billion last month, accelerating from $37 billion in October.

But getting an accurate picture of how much money is actually fleeing China is somewhat tricky.

Data released Monday showed China's foreign exchange reserves fell by $87.2 billion in November to $3.44 trillion. Evans-Pritchard's calculations suggest that fluctuations in exchange rates accounted for $30 billion of that reduction, leaving $57 billion in foreign exchange sales by the central bank.

Combining the foreign exchange sales with Capital Economics' trade surplus estimate of around $55 billion for November (official data are out Tuesday) leaves net capital outflows at $113 billion.

