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 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.

The dollar firmed to 158.36 against the yen but eased to 1,329.4 against the won — Asian currencies no longer move together. On a USD-denominated transfer contract the won leg gets cheaper and the yen leg dearer; CIPS direct clearing plus NDFs hold the exposure down.