USD/CNY closed at 6.6558, with the yuan firming from 6.71 two weeks ago to around 6.66. The CNY-denominated slice of every import landed cost drifts lower with the rate, so margin booked at the old rate has to be re-marked.

USD/JPY closed at 157.53, less than a yen from the 158 line where treasury desks switch the funding currency for the yen leg. Any yen-invoiced cargo on a resale book carries a carry cost tied to dollar rates; a break of 158 forces a change of funding currency or the rate gap eats the margin.

USD/KRW at 1333.08 leaves the won firm against the dollar, which trims the landed cost for Korean buyers lifting from the Busan bonded tank, and Korean-side inquiries have picked up against last month.

The yuan is strong, the yen weak and the won strong, so the three legs swing in different directions. CIPS direct clearing drops the dollar settlement leg entirely, the remaining yen exposure is locked with an NDF, and resale margin is re-valued at the live cross rate rather than frozen at the contract date.