USD/CNY fix model

Nomura's Global Markets Research published its USD/CNY fix model report. The model projects the next fix at 6.6956, versus 6.7313 previously (357 pips lower; 26 pips higher from the previous official spot close). Incorporating the counter-cyclical factor, the model projection is 6.7111 (202 pips lower from the previous fix). The report also presents recent model errors and the daily change in the USD/CNY fix, and highlights upcoming events including the PBoC monetary policy report for Q3 2026 in mid-November, the APEC Economic Leaders' Meeting in Shenzhen on 18-19 November, the Central Economic Work Conference in mid-December, the G20 Summit in Miami on 10-12 December, and the PBoC monetary policy committee meeting and Politburo meeting in late December 2026.