On 11 November USD/CNY stood at 6.6746, down 0.0584% on the day, with the RMB extending its mild gains against the dollar. Over the same window EUR/CNY printed 7.4506 (+0.0604%) and EUR/USD 1.1165 (+0.0179%); the euro rose against both the RMB and the dollar, prompting a revaluation of euro-denominated cargoes in offshore resale.

USD/JPY at 158.85 (+0.063%) still hugs the 158 financing line, yen weakness intact, carry flows keeping their exposure to Japanese bonds and the currency. USD/KRW at 1335.19 (-0.5289%) saw the won strengthen on the day, lowering Korean refiners' KRW-based import cost and weighing on Asian light-end discounts.

In execution, offshore resale settles with the shortest possible USD leg: CIPS direct euro clearing removes the New York cut-off and correspondent-bank hops, compressing T+2 to T+1; open FX exposure is hedged forward with an NDF so the spread cost is paid up front rather than chased through variation margin later.

A cross-border offshore resale must be booked at one bank in one currency; where a different bank or currency is genuinely required, the remittance advice must flag "special offshore resale" and SAFE must be notified within five business days of the transaction.