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WASHINGTON — Nine months after President Obama and President Xi Jinping of China agreed to a broad crackdown on cyberespionage aimed at curbing the theft of intellectual property, the first detailed study of Chinese hacking has found a sharp drop-off in almost daily raids on Silicon Valley firms, military contractors and other commercial targets.

But the study, conducted by the iSight intelligence unit of FireEye, a company that manages large network breaches, also concluded that the drop-off began a year before Mr. Obama and Mr. Xi announced their accord in the White House Rose Garden. In a conclusion...

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