Today's FX moves were a textbook split. USD/JPY at 158.23 was essentially flat with a slight tick up; USD/KRW at 1337.95 edged lower; USD/CNY held at 6.705, unmoved. Three major East Asian settlement currencies took three different postures, and each lands differently on our delivered-cost math.

A steady yuan means the CNY-denominated domestic book — bitumen, rubber, fuel oil — carries unchanged local-currency cost, so quotes can be locked. The yen, pinned near 158, keeps delivered prices high for equipment and specialty chemicals re-exported from Japan, but our crude book does not settle in yen, so the read-through is limited.

A softer won — USD/KRW down means the won strengthened — helps on chemical intermediates we source from Korea, lowering delivered local-currency cost. EUR/CNY at 7.4988 and EUR/USD at 1.1193 both weakened in tandem, so European goods look cheaper in dollars but barely move on the yuan side.

Operating conclusion: this week's delivered-cost revaluation runs on a yuan anchor, with small JPY/KRW offsets and no cross-currency arbitrage. Back-to-back LC settlement stays on the same bank and same currency, per SAFE rules on offshore resale trades.