Yen firms and won softens, splitting Asian FX against the dollar; transfer traders must reprice local-currency delivered cost, using CIPS clearing and NDFs to manage exposure.

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.