USD/CNY fix model: Projection at 6.4644 - Nomura

Nomura's model projects today's PBOC fix to be lower by 5 pips from the previous fix (6.4644 from 6.4649) and lower by 56 pips from the previous spot USD/CNY official close 6.4700. Nomura adds that "the basket implied change is lower by 115 pips from the previous spot USD/CNY official close (6.4585 from 6.4700)."