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Offshore yuan is holding gains from Friday after a bout of USD weakness, USD/CNH last at 6.4595. Support is seen around the figures, 6.45 and 6.44, bears need a sustained break below 6.44 to confirm a sell off, the level was tested twice and not broken in January. Minor support seen at 6.4550 where the rate has surged in February so far. 6.4512 is the 61.8% retracement of the move from January trough to peak.
- Data over the weekend showed China's forex reserves declined in January after touching a four-year high the previous month. Reserves fell to $3.211tn from $3.217tn in December.
- A spokesman for China's SAFE said the decline in reserves was due to a decrease in the value of non-USD currencies and asset price changes, as the dollar index strengthened. He added that foreign reserves are expected to remain stable going forward.
- US President Biden went some way to calm fears his administration would take a hard line with China. When asked in a CBS interview why he hadn't spoken to his Chinese counterpart Xi yet, he said they hadn't "had the occasion to talk". Biden said his approach to China will differ from Trump's and that Xi is aware of this and has been "sending signals as well."