Investment Rating - The report does not explicitly provide an investment rating for the industry or specific securities [12]. Core Insights - The projected USD/CNY fix is 7.1799, which is 10 pips higher than the previous projection of 7.1789 and 3 pips lower than the previous official spot close [1]. - The model projection with the counter-cyclical factor is 7.1746, indicating a decrease of 43 pips from the previous fix [1]. - The top four weighted contributions to the projected change in the currency fix are from RUB, EUR, JPY, and KRW, with varying impacts measured in pips [3]. Summary by Sections Currency Projections - The USD/CNY fix model projects a value of 7.1799, reflecting a slight increase from the previous model [1]. - The model with the counter-cyclical factor suggests a lower projection of 7.1746, indicating a potential adjustment in currency valuation [1]. Contributions to Change - The report highlights the top four currencies contributing to the projected change, with RUB, EUR, JPY, and KRW being the most significant [3]. Model Performance - Recent model errors without counter-cyclical factor adjustments show a range of daily model errors, indicating fluctuations in the accuracy of projections [5]. - The daily change in USD/CNY fix has shown significant variability, with changes recorded in pips over the specified period [7].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [1]. Core Insights - The model projection for USD/CNY fix is 7.1680, which is 123 pips lower than the previous projection of 7.1803 and 144 pips lower from the previous official spot close [1]. - The model projection with the counter-cyclical factor is 7.1622, indicating a decrease of 181 pips from the previous fix [1]. - The top four weighted contributions to the projected change (in pips) are negative, with AUD, EUR, GBP, and JPY showing significant declines [3]. Summary by Sections Section 1: Model Projections - The USD/CNY fix model projects a value of 7.1680, which reflects a downward adjustment compared to previous figures [1]. - The counter-cyclical factor adjustment results in a slightly lower projection of 7.1622 [1]. Section 2: Contributions to Change - The report highlights the top four currencies contributing to the projected change, all showing negative contributions, indicating a bearish sentiment in the foreign exchange market [3]. Section 3: Daily Model Errors - Recent model errors without counter-cyclical factor adjustments show significant fluctuations, with daily errors reaching up to 400 pips [5]. - The daily change in USD/CNY fix has also exhibited volatility, with notable pips changes recorded over the specified period [7].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific securities [1]. Core Insights - The model projection for USD/CNY fix is 7.2967, which is 912 pips higher than the previous projection of 7.2055, and 87 pips higher from the previous official spot close [1]. - The model projection with the counter-cyclical factor is 7.2484, indicating a 429 pips increase from the previous fix [1]. Summary by Sections - **Model Projections**: The USD/CNY fix model indicates a significant increase in projections, reflecting market expectations and potential currency fluctuations [1]. - **Analyst Contributions**: The report includes contributions from multiple analysts, indicating a collaborative approach to the analysis of the Asia FX strategy [2]. - **Event Calendar**: Key upcoming events involving China include the G-24 Finance Ministers and Central Bank Governors' Meeting on April 22, 2025, and a Politburo meeting for economic work at the end of April 2025 [9].