The level meter in Cubase 7

I am a bit confused about what the channel level meters in Cubase show. The top of the channel level fader shows 6, while the meter itself show 0…Been looking all over the web for an answer to this, but haven’t found it. May be I’m blind, but I couldn’t find it in the manual either. My assumption is that the extra numbers has to do to with the 32 bit float mode thing and that Cubase doesn’t actually peak over 0 on the channel, but exporting audio down to for instance 16 bit will…is this the right way to think about it?