CHINA SHOCKER: RWA DOOR SLAMS SHUT .
China's new decree is here. Onshore assets issuing RWAs offshore face a hard stop. Hong Kong is designated as the offshore hub. Assets based in Hong Kong are exempt from this onshore ban. But any RWA tied to mainland securities or funds will be policed by the CSRC. This is NOT an invitation to build. It's strict control for outbound RWAs. No grey areas.