Today the dollar rose to 157.7000 yen, up 0.1461, and to 1,343.26 won, up 0.0544. Against the dollar-soft sessions of recent days, this moment has the yen and won weakening against the greenback. USD/CNY stays pegged at 6.7050, flat — a three-way split.

The split rewrites the transshipment book directly. Among SNSUC's seven resale grades, Northeast Asian barrels like ESPO and Sokol often carry a yen or won leg, and Lula or Bonny Light freight to Asia is mostly settled in dollars. When the yen and won weaken, CIF priced in those currencies rises — Korean and Japanese buyers pay more in local money — while the pegged yuan lets a Chinese buyer lock the listing price at Brent x FX x 7.33 x grade and land at a lower duty-paid cost.

On settlement, dropping the dollar leg is cleaner. CIPS direct clearing moves RMB straight from the buyer's account to the offshore supplier, bypassing the New York correspondent bank and one layer of SWIFT-plus-dollar funding friction. On a 1-million-barrel ESPO resale, the in-transit saving from the shorter payment path alone trims two to three days; with SOFR high, that carry saving is real money.

Keep the exposure small. A weaker yen or won means receivables we hold in those currencies shrink in book value, so the move is to cap those two legs to one position and hedge the rest with NDFs, leaving one live slot each in RMB and euro for swings.