Beijing continued to lend to Venezuela last year, but not as much, reducing exposure to one of the world’s worst-performing economies.

Chinese policy banks extended $2.2 billion in credit, compared with $5 billion in 2015 and $4 billion in 2014, according to “Chinese Finance to Latin America and the Caribbean in 2016,” a report this week from the Inter-American Dialogue and Boston University. It draws on data from government, bank and media reports and interviews with officials, the authors said.

While Brazil accounted for 72% of the $21.2 billion in lending to the region by China Development Bank Corp. and Export-Import Bank of China, according to the report, Venezuela remained in the top three along with Ecuador. Together they accounted for 92% of of the total.

Among the factors reducing Beijing’s appetite for lending to Caracas were consumer inflation—720% last year and heading for 2,200% this year, the International Monetary Fund estimates—security and political instability, say analysts.

“China is primarily concerned that the Venezuelan opposition, were it to assume control of the government, would be unfriendly to China,” said Margaret Myers, co-author of the report and a director with the Washington-based Inter-American Dialogue.