Asian currencies did not move in lockstep today — they split three ways. The yuan firmed to 6.6613 against the dollar and the won to 1,335.45, yet the yen held at 157.86 and the euro slid to 7.4164 against the yuan. Inside one basket some legs strengthened and others weakened, so a transshipment book can no longer be summed up as "dollar weakness."

USD/JPY holding above 157.8 keeps the cost of yen-funded carry high — a small spot pullback can erase the rate differential. SNSUC settles STS-anchorage deals in yuan or won to shed the dollar leg, and uses NDFs to lock the euro exposure before a 3% weekly drop in EUR/CNY eats the transshipment margin.

Currency mismatch itself becomes a profit line. A stronger won lowers the CNY landed cost of sourcing from Korean refiners; a stronger yuan similarly helps CNY-tagged quotes. The weaker yen and euro slice is closed with derivatives rather than absorbed, which beats riding the move bare.