Beijing has mothballed two pioneering outbound investment schemes, according to people with knowledge of the situation, in its latest bid to stem capital outflows and shore up the renminbi.

The halt in the allotment of quotas reflects fears over the massive amount of cash — some economists estimate up to $1tn last year — that has left the country through official and unofficial channels as economic growth slows and the renminbi continues to depreciate.

The schemes were part of liberalisation moves designed to facilitate overseas investment in China and allow domestic funds to buy foreign securities. But last August’s renminbi devaluation and subsequent capital flight has triggered a spate of reversals and watering-down of schemes that enable China’s currency to leave the country.