On September 23, USD/JPY printed 157.78 (+0.27%) and USD/KRW 1,361.60 (+0.55%), with the dollar firming against both Asian currencies. USD/CNY stood at 6.7090 (+0.14%), the renminbi easing modestly versus the dollar, while EUR/USD slipped to 1.1420 (-0.22%).

For SNSUC's crude re-exports, the move re-prices the currency mismatch on delivered cost. Purchases of ESPO, Oman and Urals are dollar-denominated; if the downstream leg settles in yen or won (Japanese or Korean refiners and traders), a firmer dollar directly compresses the re-export margin. The domestic book — fuel oil and bitumen priced in CNY — is less exposed to USD/CNY but still sits on a dollar procurement leg.

Operationally, re-export contracts should favor CIPS straight-through RMB cross-border settlement, or hedge the USD/JPY and USD/KRW exposure in the NDF market. For forward cargo beyond 30 days, the currency-mismatch VaR warrants a separate line item.