FXStreet (Guatemala) - Analysts at Bank of Tokyo Mitsubishi explained that back in August they described what might have been the renminbi's first ever speculative attack. It won't be the last. Key Quotes: "As we had expected (but not markets) December saw a huge reserves loss, bigger than August's. Maybe that accounted for higher fixings this first week of the year, to let off some steam and slow reserve losses. But today's CFETS statement may be a first salvo to hold the line next week and stabilize the currency. It's too early to expect retracement because onshore corporates, among others, are so spooked. Beyond next week exchange rate management still looks suspect as authorities tilt at speculators: i) the CNH-CNY basis is cause for USD/CNY's rise; ii) therefore focus on the offshore market because that's where speculators lie. i) Wrong and ii) wrong. As we have discussed for a while, it's Mrs. Chen whom authorities must win over." For more information, read our latest forex news.