(Bloomberg) -- Emerging-market stocks snapped a two-day advance as Chinese shares tumbled to a 13-month low on concern outflows will accelerate as the economy slows. Meanwhile, Russia's ruble swung between gains and losses.
The Shanghai Composite Index slid more than 6% after data showed outflows from China reached a record $1 trillion last year, more than seven times higher than in 2014. Russia's ruble erased losses as oil rebounded while South Korea's won and Brazil's real weakened. The premium investors demand to own developing-nation debt rather than U.S. Treasuries rose for a second day.
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