# FX Reserve Direction Seal／Blind Summary v0.1

Date: 2026-08-27  
Status: DIRECTION SEALED／BLIND SUMMARY ONLY  
Public result access: BLOCKED

## Purpose

This checkpoint separates the fixed COFER direction formula from access to the latest direction results. It proves that the latest accepted candidate can be sealed completely without publishing currency-level directions, direction counts, source values or changes.

## Bound input

- Candidate: `FXR-COFER-COLDSTART-v0.1__FXR-COFER-20260827T004217Z`
- Candidate SHA-256: `4321ba1b00710f7b2bffe1a20dc0cd7bdf6cb967f7fe65a47ca62ac79f5ee60d`
- Latest common quarter: `2026-Q1`
- Currencies sealed: 8
- Windows per currency: 4Q and 8Q
- Sealed direction records: 16
- Missing latest directions: 0

The direction formula remains unchanged: positive exact percentage-point change is UP, negative is DOWN, exact zero is FLAT and missing is UNKNOWN. No direction label is disclosed in this document.

## Private seal

The private envelope contains only the eight currency identifiers and their latest 4Q and 8Q direction labels, plus a private random 256-bit salt. It contains no level or change values. The salt is not published, preventing the public commitment from becoming a practical lookup table for the small set of possible direction labels.

- Envelope SHA-256: `8872b8ff6d5bfb11f5abbd12dae2f7a710c8a9387ee9dfb4c761530b5fc1c7bd`
- Blind Summary SHA-256: `1c56b05f1ec1b05af0653ae4dc883332bd8f1987d1cc8b507c4dfeacd7df8e6d`
- Private envelope download: none

## Public blind summary

The public record contains only the quarter, expected currency count, sealed record count, completeness, source candidate hash and seal hashes. It does not contain or aggregate UP, DOWN or FLAT results. It cannot be used to revise the selector, thresholds or interpretation after seeing the latest result.

## Interpretation boundary

Any sealed direction means only a change in the published share of a reserve currency. It is not evidence of central-bank intervention, policy intent, purchases, sales, asset-allocation instructions or a trading signal.

## Release disposition

The direction formula is fixed and the latest direction set is sealed, but the Reserve domain is not authorized for public output. Reserve aggregation, the three-domain FX calculation, Backtest/OOS/Forward, FX classification and Production promotion remain BLOCKED. FX stays Unknown. Any later unseal requires a separately fixed validation contract and explicit human approval.

Official reference: [IMF COFER](https://data.imf.org/en/datasets/IMF.STA:COFER)