HONG KONG — China on Thursday sought to calm fears that the country’s depreciating currency had set off, as authorities defended the devaluation decision.

The country’s central bank has pushed the value of the currency lower for three consecutive days. Since Tuesday, the currency, the renminbi, has fallen 4.4 percent, the biggest drop in decades.

While China said the move was aimed to make the currency more market-oriented, it has raised concerns that the already slowing economy was in deeper trouble. The sharp and sudden fall has also prompted questions about whether the country’s leadership can manage the slowdown.