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The yuan fell, heading for the steepest monthly decline since the August devaluation, after the Federal Reserve chief said an interest-rate increase could come in the next few months.

The yuan declined 0.26 percent to a three-month low of 6.5823 at 4:37 p.m. in Shanghai, extending losses this month to 1.55 percent. The People’s Bank of China cut the fixing by 0.45 percent to 6.5784 per dollar, the weakest level since February 2011, after the greenback strengthened. The U.S. currency is poised for the biggest monthly gain since September 2014 as Fed Chair Janet Yellen said on Friday higher interest rates in...

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