There have been dramatic moves in the North Korean currency markets since October last year, with the dollar and renminbi both trading between 10% and 25% under their average prices against the won. The flip side of this is that the won has surged against both: In March, the won was 30% above its average price for the November 2015-June 2021 period, and in April, it peaked against the dollar at 24% above average.

These surges are unprecedented and represent a sign of significant financial instability. But what are the likely causes and who is likely to be most affected? Reporting from