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Everything's a Sell in China After $828 Billion Equity Rout

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Pau Morilla-Giner Says Recent Volatility Is 'A Taste of What's to Come'

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Investors got a stark reminder of how fast their bets can turn in China, where the most bullish trades are falling apart.

The country’s currency was their latest favorite to succumb to a rout that has roiled financial markets around the world this week, losing as much as 1.2 percent on Thursday for the biggest decline since the aftermath of its 2015 shock devaluation. That follows a selloff in large caps and banks that has wiped out about $828 billion from the value of Chinese equities.