The intensifying trade fight between the U.S. and China saw investors flee Chinese equities at the fastest pace in more than three years, according to fund-flow data compiled by the Institute of International Finance.

The past two weeks have seen net outflows for the asset class of $5.32 billion, with exits over the past week at $2.76 billion — the largest weekly outflow since July 2015 (see chart below), the institute said Friday. That is when China’s equity markets were thrown into turmoil by the devaluation of the yuan. Investors weren’t just exiting Chinese equities, however, with total emerging market outflows totaling $13 billion.