{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2026:352ALKWYIXGT7KILE2O6DHCXRT","short_pith_number":"pith:352ALKWY","canonical_record":{"source":{"id":"2605.25392","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.MF","submitted_at":"2026-05-25T03:37:16Z","cross_cats_sorted":[],"title_canon_sha256":"6de2b8dd1d6d231e10e826fe28100c6fbd3c4edfdf950a31c4bcf3528247ba68","abstract_canon_sha256":"786acd41919bbc7d47c065a2f89f517bab54b237cdf098dfcf970d0a307019fd"},"schema_version":"1.0"},"canonical_sha256":"df7405aad845cd3fa90b269de19c578ce280ec4d7ea65cc51757480191262e16","source":{"kind":"arxiv","id":"2605.25392","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2605.25392","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"arxiv_version","alias_value":"2605.25392v1","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2605.25392","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"pith_short_12","alias_value":"352ALKWYIXGT","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"pith_short_16","alias_value":"352ALKWYIXGT7KIL","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"pith_short_8","alias_value":"352ALKWY","created_at":"2026-05-26T02:04:32Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2026:352ALKWYIXGT7KILE2O6DHCXRT","target":"record","payload":{"canonical_record":{"source":{"id":"2605.25392","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.MF","submitted_at":"2026-05-25T03:37:16Z","cross_cats_sorted":[],"title_canon_sha256":"6de2b8dd1d6d231e10e826fe28100c6fbd3c4edfdf950a31c4bcf3528247ba68","abstract_canon_sha256":"786acd41919bbc7d47c065a2f89f517bab54b237cdf098dfcf970d0a307019fd"},"schema_version":"1.0"},"canonical_sha256":"df7405aad845cd3fa90b269de19c578ce280ec4d7ea65cc51757480191262e16","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-26T02:04:32.425987Z","signature_b64":"FFMWgXaF+EXM1lN8dGxpFOSFADF/kN22Ksl+2xLfS54NNbqNIFY3pj8Hfh2mGwGsEWC9cvktTRqW0mlVlew7Dw==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"df7405aad845cd3fa90b269de19c578ce280ec4d7ea65cc51757480191262e16","last_reissued_at":"2026-05-26T02:04:32.425212Z","signature_status":"signed_v1","first_computed_at":"2026-05-26T02:04:32.425212Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2605.25392","source_version":1,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-26T02:04:32Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"AvOV7Yt+hDHAj2XipmQBib2LOo0Q8qMLL2U4cgUZUIkdbZv9dFjvOQfoahbIZfXjqVwepWZ39lL+0A7Tc4KyCg==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-28T14:16:21.803718Z"},"content_sha256":"2b156d81103d2ee2fb1bad10813584baf69876d3cfacc7d0365a9da5d4236b32","schema_version":"1.0","event_id":"sha256:2b156d81103d2ee2fb1bad10813584baf69876d3cfacc7d0365a9da5d4236b32"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2026:352ALKWYIXGT7KILE2O6DHCXRT","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"One Currency, Two Forward Prices: The Onshore-Offshore Renminbi Puzzle","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.MF","authors_text":"Peng Luo, Samuel Drapeau, Tan Wang, Xuan Tao","submitted_at":"2026-05-25T03:37:16Z","abstract_excerpt":"Partially convertible economies face a market-design problem: trade integration, cross-border investment, and domestic balance-sheet exposure increase the demand for currency hedging before full financial integration is complete. China adopted a distinctive architecture for this problem by fostering a deliverable offshore Renminbi market (CNH) alongside the segmented onshore market (CNY), rather than relying only on non-deliverable forwards. This creates two venues for closely related claims on the same currency. Spot prices are tightly linked, yet CNY and CNH forwards display a persistent and"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2605.25392","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2605.25392/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"verdict_id":null},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-26T02:04:32Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"b3rZcHNefblGmUTv4pxoclxP1xzQa5NQCnf7MYEdy7p/krVLfyg5y2ayNr466ChvJKM/9+7e0y2xlo84FPYwBg==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-28T14:16:21.804097Z"},"content_sha256":"26829acc9dbfed5fdca2f045b732353e382f477aa6afd1ee60f951b533cf3e2b","schema_version":"1.0","event_id":"sha256:26829acc9dbfed5fdca2f045b732353e382f477aa6afd1ee60f951b533cf3e2b"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/352ALKWYIXGT7KILE2O6DHCXRT/bundle.json","state_url":"https://pith.science/pith/352ALKWYIXGT7KILE2O6DHCXRT/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/352ALKWYIXGT7KILE2O6DHCXRT/bundle.json","status":"primary"}],"public_keys":[{"key_id":"pith-v1-2026-05","algorithm":"ed25519","format":"raw","public_key_b64":"stVStoiQhXFxp4s2pdzPNoqVNBMojDU/fJ2db5S3CbM=","public_key_hex":"b2d552b68890857171a78b36a5dccf368a953413288c353f7c9d9d6f94b709b3","fingerprint_sha256_b32_first128bits":"RVFV5Z2OI2J3ZUO7ERDEBCYNKS","fingerprint_sha256_hex":"8d4b5ee74e4693bcd1df2446408b0d54","rotates_at":null,"url":"https://pith.science/pith-signing-key.json","notes":"Pith uses this Ed25519 key to sign canonical record SHA-256 digests. Verify with: ed25519_verify(public_key, message=canonical_sha256_bytes, signature=base64decode(signature_b64))."}],"merge_version":"pith-open-graph-merge-v1","built_at":"2026-05-28T14:16:21Z","links":{"resolver":"https://pith.science/pith/352ALKWYIXGT7KILE2O6DHCXRT","bundle":"https://pith.science/pith/352ALKWYIXGT7KILE2O6DHCXRT/bundle.json","state":"https://pith.science/pith/352ALKWYIXGT7KILE2O6DHCXRT/state.json","well_known_bundle":"https://pith.science/.well-known/pith/352ALKWYIXGT7KILE2O6DHCXRT/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2026:352ALKWYIXGT7KILE2O6DHCXRT","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"786acd41919bbc7d47c065a2f89f517bab54b237cdf098dfcf970d0a307019fd","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.MF","submitted_at":"2026-05-25T03:37:16Z","title_canon_sha256":"6de2b8dd1d6d231e10e826fe28100c6fbd3c4edfdf950a31c4bcf3528247ba68"},"schema_version":"1.0","source":{"id":"2605.25392","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2605.25392","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"arxiv_version","alias_value":"2605.25392v1","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2605.25392","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"pith_short_12","alias_value":"352ALKWYIXGT","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"pith_short_16","alias_value":"352ALKWYIXGT7KIL","created_at":"2026-05-26T02:04:32Z"},{"alias_kind":"pith_short_8","alias_value":"352ALKWY","created_at":"2026-05-26T02:04:32Z"}],"graph_snapshots":[{"event_id":"sha256:26829acc9dbfed5fdca2f045b732353e382f477aa6afd1ee60f951b533cf3e2b","target":"graph","created_at":"2026-05-26T02:04:32Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"integrity":{"available":true,"clean":true,"detectors_run":[],"endpoint":"/pith/2605.25392/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"Partially convertible economies face a market-design problem: trade integration, cross-border investment, and domestic balance-sheet exposure increase the demand for currency hedging before full financial integration is complete. China adopted a distinctive architecture for this problem by fostering a deliverable offshore Renminbi market (CNH) alongside the segmented onshore market (CNY), rather than relying only on non-deliverable forwards. This creates two venues for closely related claims on the same currency. Spot prices are tightly linked, yet CNY and CNH forwards display a persistent and","authors_text":"Peng Luo, Samuel Drapeau, Tan Wang, Xuan Tao","cross_cats":[],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.MF","submitted_at":"2026-05-25T03:37:16Z","title":"One Currency, Two Forward Prices: The Onshore-Offshore Renminbi Puzzle"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2605.25392","kind":"arxiv","version":1},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:2b156d81103d2ee2fb1bad10813584baf69876d3cfacc7d0365a9da5d4236b32","target":"record","created_at":"2026-05-26T02:04:32Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"786acd41919bbc7d47c065a2f89f517bab54b237cdf098dfcf970d0a307019fd","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.MF","submitted_at":"2026-05-25T03:37:16Z","title_canon_sha256":"6de2b8dd1d6d231e10e826fe28100c6fbd3c4edfdf950a31c4bcf3528247ba68"},"schema_version":"1.0","source":{"id":"2605.25392","kind":"arxiv","version":1}},"canonical_sha256":"df7405aad845cd3fa90b269de19c578ce280ec4d7ea65cc51757480191262e16","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"df7405aad845cd3fa90b269de19c578ce280ec4d7ea65cc51757480191262e16","first_computed_at":"2026-05-26T02:04:32.425212Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-26T02:04:32.425212Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"FFMWgXaF+EXM1lN8dGxpFOSFADF/kN22Ksl+2xLfS54NNbqNIFY3pj8Hfh2mGwGsEWC9cvktTRqW0mlVlew7Dw==","signature_status":"signed_v1","signed_at":"2026-05-26T02:04:32.425987Z","signed_message":"canonical_sha256_bytes"},"source_id":"2605.25392","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:2b156d81103d2ee2fb1bad10813584baf69876d3cfacc7d0365a9da5d4236b32","sha256:26829acc9dbfed5fdca2f045b732353e382f477aa6afd1ee60f951b533cf3e2b"],"state_sha256":"a4fba50b966f10d5807d3b95229a2fe6a56e443a305b1a27f0c8bf56498fb3c1"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"i7YGlS6TWex5DZMJ50iyt6Fyixyecg4OgUQ6xYPhQlP1ssiZXXpDFSwVkIDoM91hUWGzsTz0dpT76V67gBKtDw==","signed_message":"bundle_sha256_bytes","signed_at":"2026-05-28T14:16:21.806198Z","bundle_sha256":"7f4ffe863898bc88f8a57aa88f57e92f4b1d4976f81d7f96e20087451d17e7c7"}}