USD/CNY 6.6704 (-0.039) and USD/KRW 1323.2 (-0.1253) both fell, with CNY and KRW firming against the dollar together. USD/JPY 156.86 (+0.0638) and EUR/CNY 7.469 (-0.2111) moved the other way. The two-bloc split lifts and cuts delivered local-currency costs across Northeast Asia; CIPS direct clearing and NDF euro-leg hedges become mandatory.

On Oct 16 USD/JPY printed 158.12 (+0.09%) and USD/KRW 1346.41 (+0.35%), both firmer, while USD/CNY held at 6.6919 (+0.02%), barely moved. Asia's currencies split against the dollar. Transfer chains that buy in dollars and resell into Japan and Korea now face a currency-mismatch repricing.