The euro gave ground on both crosses today: EUR/CNY 7.5243 (-0.9374) and EUR/USD 1.1231 (-0.865), while USD/CNY barely moved at 6.7050.

For desks settling North Sea or West African term crude in euro (or on a dual euro/dollar track), the read is direct: the same barrel costs more paid in euro than in dollar. When re-pricing the cargo into RMB landed cost, each 0.01 drop in EUR/CNY lifts the euro-settled landed RMB figure.

The practical move to drop the USD leg is CIPS euro direct clearing: funds run through the CIPS euro channel, skipping the two FX spreads of dollar-first then RMB, settling T+1 faster than correspondent-bank rails. For SNSUC's seven transshipment grades with euro-settled batches, this channel minimizes settlement friction.

Operationally, do not hold euro short positions into the week; switch to CIPS euro clearing where possible. With USD/JPY at 157.72 and USD/KRW at 1358.20 also firming, re-price the Asian-currency mismatch against RMB separately.