Asia-Pacific EM currency stress transmitting through the dollar-strength channel (macro commentators: US attracting the world's largest capital inflows). KRW (lowest since 2009) and IDR (record 18,000/USD) the current epicentres; China capital-control tightening and PBOC RMB suppression add a policy-stress leg. Channel: 6A as Asia-Pacific EM risk proxy, GC haven, ES on broader risk-off.