Exactly, and that's why the apparent discrepancy is there. Pretty much any time there's an apparent large arbitrage opportunity one will find that there's a barrier (or significant cost) to actually executing it, or it already would have been arbitraged away.
If you feel that the risks associated with evading these sanctions are worth the gain then you are a lot braver than I am, and besides that I would not want to profit of all this misery anyway.
Chinese Yuan is an extremely unpopular currency corridor because a) there is no market for it, it’s effectively a peg and b) it’s divorced from usage in the country it’s supposedly from.
That is to say you’ll pay a gigantic premium on that trade.
Ok, so you'd end up flat at best and the whole thing would be a wash dollar wise while still putting you on a bunch of watch lists. Is that what I'm getting out of this?
I would do it but I expect I'd be beaten to it with how long it would take to open an account at Binance