ResearchGlobal Markets2026-09-21
Dollar Splits Three Ways: Yuan and Won Weaken, Yen Firm, Repricing Transshipment Margin
USD/CNY fell to 6.6955 (-0.06%) and USD/KRW to 1380.6 (-0.38%), yet USD/JPY rose to 156.99 (+0.19%). The same dollar swinging three currencies in opposite directions mismatches the settlement basket against landed cost for crude transshipment; CIPS direct clearing cuts the FX friction.