(Bloomberg) -- Investors pulled more than $2.1 billion out of U.S. ETFs that invest in emerging markets last week, the most since August. China and Hong Kong led the losses.

Redemptions from ETFs that invest across developing nations as well as those that target specific countries totaled $2.12 billion in the week ended Jan. 15, compared with $566.7 million of losses in the previous week, according to data compiled by Bloomberg. So far in January, investors have withdrawn $2.69 billion.

Stock funds lost $1.89 billion and bond funds declined by $234 million. The MSCI Emerging Markets Index declined 4.2% last week.

The biggest change was in China and Hong Kong, where funds shrank by $469.7 million, compared with $22.6 million of redemptions the previous week. Investors withdrew $465.7 million from stock funds and $4 million from bonds.

The Shanghai Composite Index declined 9%. The yuan strengthened 0.2% against the dollar and implied three-month volatility was 8.1%.

Taiwan had the next-biggest change, with ETF investors redeeming $302 million, compared with $164 million of outflows the previous week. All the losses were in stock funds.

The Taiex lost 1.7%. The Taiwan dollar depreciated 0.9% against the dollar and implied three-month volatility was 8.3%.

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