> The expansion is being done in the parent shell, rather than the subshell.

But as you said in 
http://lists.gnu.org/archive/html/help-bash/2015-04/msg00010.html
BASHPID is expanded in the subshell, so BASH_SUBSHELL must also be like that.
And I found a comment which says: "make the child early, before word expansion"
at http://code.metager.de/source/xref/gnu/bash/execute_cmd.c#3922

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