The International Monetary Fund on Friday said that gross capital inflows into emerging markets excluding China last year rose to $110 billion or 0.6% of their economic output, the highest level since 2018.

The findings, part of the IMF's External Sector Report on currency, capital flows and financial imbalances, show some resilience among emerging markets despite sharply higher U.S. interest rates that have drawn funds into dollar assets.

The IMF said in the report that emerging markets have seen a decline in the more volatile net portfolio inflows, but net inflows of foreign direct investment has been more stable.

At the same time, the report said that China saw net capital outflows over the 2022-2023 period, including net negative FDI inflows.

(Reporting by David Lawder, Editing by Franklin Paul)