EUR/CNY at 7.4221 (+0.0742) and EUR/USD at 1.1136 weaken the euro, lowering RMB landed cost of euro-priced transshipment; CIPS euro direct clearing drops the dollar leg, T+2 to T+1.

EUR/CNY at 7.4865 and EUR/USD at 1.1222 both slipped as the euro softened on its own; CIPS euro direct-clearing replaces the two-step dollar route, pulling settlement from T+2 to T+1.

EUR/CNY closed at 7.4940 (-1.51%) and EUR/USD at 1.1229 (-0.47%), making the euro the weakest major currency of the session. Euro-denominated transfer landed costs need a re-price; CIPS direct euro clearing drops the dollar leg, and NDFs can lock the euro exposure.