Avoiding a government shutdown is also at the top of the agenda, alongside dodging a catastrophic credit default, which may be the largest of the looming deadlines
"The reality is that this was well flagged as much as a fortnight ago (soon after President Biden publicly endorsed the 15 percent figure)," said National Australia Bank's Ray Attrill.
With the COVID-19 aid bill now completed, attention turns to Biden's next round of major legislation, including massive infrastructure investments, immigration reforms and climate change initiatives.
"(Deleveraging) is supportive of a gradual yuan appreciation trajectory, as that positive differential with the US continues to attract inflows into Chinese asset classes," he said.