USD/JPY at 157.7000 (+0.1461) and USD/KRW at 1,343.26 (+0.0544), dollar firming against yen and won; USD/CNY holds at 6.7050. CIF priced in yen or won rises with the stronger dollar, while RMB-pegged Chinese buyers gain; CIPS direct clearing drops the dollar leg.

With EUR/CNY at 7.5406 and EUR/USD at 1.1253, the euro double-cross yields a clean local-currency CIF; settling through CIPS euro direct clearing skips one dollar conversion, cutting a transshipment desk's FX exposure from two legs to one.