<p>Two of the three types of hedge funds which bet heavily on a sharp devaluation of China's yuan last year have backed off the trade, leaving only some ultra-bearish "Black Swan" investors holding long-term bets, fund managers and bankers said.</p>
<p>Hedge fund sales desks at four of Wall Street's biggest banks told Reuters that many U.S. players had made money betting against China by the time Beijing took aggressive steps to prop up the currency in early January.</p>
<p>Heavy official intervention, limits on some capital movement and a reduction in the amount of yuan available offshore prompted many players either to cut exposure or walk away from the trade by the Lunar New Year holiday last month, they said.</p>