Asian currencies did not move in lockstep today; they split into two blocs. The yuan (USD/CNY 6.6704, down 0.039) and the won (USD/KRW 1323.2, down 0.1253) both firmed against the dollar, while the yen (USD/JPY 156.86, up 0.0638) and the euro (EUR/CNY 7.469, down 0.2111) moved the other way. Refiners must reprice deliveries currency by currency.

A stronger yuan directly cuts the local-currency delivered cost for SNSUC's structure—RMB revenue, dollar procurement—so the same $112 Brent lands lighter on the RMB book. The won's parallel strength gives Korean buyers the same relief, lowering procurement cost at both ends of Northeast Asia.

On the other side, a weaker yen raises the yen cost of dollar-priced cargoes for Japanese end-users, and EUR/CNY sliding to 7.469 shrinks the RMB revenue of euro-zone suppliers. Transshipment lines settled in euros must rebook their foreign-exchange gain or loss for the open period.

Two operational moves: first, switch the dollar leg to CIPS direct clearing wherever possible and drop one correspondent-bank fee; second, hedge the euro exposure with an NDF rather than betting 7.469 is the floor. The currency-mismatch book is harder to square today than last week.