USD/CNY fix model: Projection at 6.4906 - Nomura

Nomura's model projects the PBOC fix to be lower by 154 pips from the previous fix (6.4906 from 6.5060) and lower by 209 pips from the previous spot USD/CNY official close 6.5115. Nomura adds that "the basket implied change is lower by 525 pips from the previous spot USD/CNY official
close (6.4590 from 6.5115)."