USD/CNY fix model Foreign Exchange - Asia ex-Japan Projection: 7.1799 Model projection: 7.1799 versus 7.1789 previous (10 pips higher; 3 pips lower from the previous official spot close). Model projection with counter-cyclical factor: 7.1746 (43 pips lower from previous fix). Research Analysts Asia FX Strategy Craig Chan - NSL craig.chan@nomura.com Wee Choon Teo - NSL weechoon.teo@nomura.com Vicky Chen - NSL vicky.chen1@nomura.com Manthan Shingala - NSL manthan.shingala1@nomura.com Fig. 1: Top 4 weighted ov ...

USD/CNY fix model Foreign Exchange - Asia ex-Japan Model projection: 7.1680 versus 7.1803 previous (123 pips lower; 144 pips lower from the previous official spot close). Wee Choon Teo - NSL weechoon.teo@nomura.com Projection: 7.1680 Vicky Chen - NSL vicky.chen1@nomura.com Manthan Shingala - NSL manthan.shingala1@nomura.com Fig. 1: Top 4 weighted overnight contribution to projected change (without counter-cyclical factor) ■Top 4 weighted contribution to projected change (pips) 0 -5 -10 -15 -20 -25 -30 -35 - ...

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].