The dollar's split was the oddest part of today's FX board: USD/CNY fell to 6.6929 as the yuan strengthened, yet USD/JPY climbed to 158.31 with the yen still weakening, and USD/KRW sat at 1340.11 with the won modestly firmer. EUR/USD at 1.1201 and EUR/CNY at 7.4957 were essentially flat.

For SNSUC's re-exports, this repricing hits two books — the procurement side and the landed-cost side. The RMB-denominated refinery substitute benchmark gets cheaper as USD/CNY drops, while the dollar quote at the Middle East load port is unchanged, so the same Oman cargo now costs a slice less in yuan than last month. The weaker yen, conversely, lowers the landed cost for a Japanese buyer settling in local currency, a point SNSUC can use as a price anchor in term negotiations.

Our daily landed-cost sheet for members breaks out by currency and never blends them. When a deal pairs a dollar purchase with a yuan sale, the FX gap has to be quantified before the letter of credit opens — not discovered at settlement when it has already eaten the margin.