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STOCKS CLOSED sharply lower on renewed fears that China will devalue the yuan, coupled with bearish comments by US Federal Reserve chairman Alan Greenspan. The Hang Seng index closed down 275.36 points or 2.06 per cent at 13,093.70. At one point it was down more than 3 per cent before recovering in the last hour of trade.

However, traders added that much of the selling appeared to be futures- driven.