In North East Asia FX, trends have been relatively steady, albeit with South Korean markets out. 

• For USD/CNH, the pair has largely been immune to further equity volatility. Onshore markets are down sharply, the CSI 300 off over 5% and back close to end Sep levels, as the market assesses the stimulus outlook. For CNH we were last near 7.0700 little changed for the session. The USD/CNY fixing was close to neutral.
• 1 month USD/KRW sits slightly higher, last near 1341.5. The China equity weakness a likely headwind, although onshore markets have been closed today. The news from late Tuesday in the US of Korean bond inclusion in the global FSTE WGBI index is a long term positive. Inflows start in Nov 2025 with estimates varying in terms of how big inflows could be (from $56bn to potentially $70bn).
• Spot USD/TWD is weaker, last near 32.14, around 0.30% stronger in TWD terms. Better onshore equities, following US tech outperformance is likely helping at the margins. Recent highs were at 32.24.