Capital flows between the United States and China have dropped to a nine-year low amid worsening bilateral relations and the impact on business caused by the COVID-19 pandemic.

According to a report published Thursday by consultancy Rhodium Group and the National Committee on United States-China Relations, combined direct and venture capital investment between the U.S. and China totaled $10.9 billion in the first six months of 2020, the lowest level since 2011.