If for example you set your MIDI keyboard to transmit on MIDI Channel 5, all the notes, Pitch Bend data, program change or whatever you transmit from it, will have the MIDI Channel number 5.
5555 5
This keyboard transmits on MIDI Channel 5.
Some MIDI devices can transmit on more than one MIDI Channel. In this case the MIDI input data coming in to Cubase VST will contain mixed channel numbers.
2
2
6
6
This keyboard transmits on two MIDI Channels, – 2 and 6. It may for example transmit each channel from one side of a split point.
Cubase VST stores the MIDI Channel with the Event. If you look in List Edit for example, you can see the MIDI Channel for each Event that has been recorded.
In List Edit you can see the MIDI Channel stored with each Event.