Capital outflows from developing countries reached $120 billion last quarter, the most since 2009, fueled by an exodus from China amid concern over the economy, according to JPMorgan Chase. It was a reversal from the first quarter when emerging markets had $80 billion of inflows, analysts wrote in a note . Investors pulled $142 billion from China between April and June. That extended the total outflow from China over the past five quarters to $520 billion, wiping out all the inflows since 2011. Capital is leaking out from emerging markets as their economic expansion slows.The outflow helped drive up bond yields in developed nations as emerging-market central banks sold securities such as US Treasuries and German bunds in their reserves to offset the outflow, according to JPMorgan. It estimates the capital flow by deducting current account figures from changes in foreign reserves.