The Treasury report said the continued strength of the U.S. dollar was “concerning,” given the International Monetary Fund’s judgment that the dollar was overvalued on a real effective basis.

It said the real dollar remains about 8% above its 20-year average, noting that sustained dollar strength would likely exacerbate persistent trade and current account imbalances for the United States.

Data from the Institute of International Finance prepared for the Financial Times show that more than $95bn left local stock and bond markets in March, with subsequent cross-border flows bringing the total outflow to $243bn in the first four months of the crisis.

Foreign investors then staged a return, slowly at first but accelerating to $145bn in November alone, according to the IIF. During the past month, foreigners have invested almost $37bn in emerging market debt and $40bn in equities, the data show.