The 14 November FX board split clearly. USD/CNY climbed to 6.6726, up 0.039 from the prior session, a mild CNY softening. Over the same window USD/JPY eased to 159.66 and USD/KRW to 1334.2, with the yen and won both firming against the dollar. Three currencies moving three ways means the transshipment book needs a recompute.

RMB-denominated arrival cost rises passively with the weaker yuan. Brent delivered parity works out to roughly Y4,713/t on $96.366 x 7.33 x 6.6726; each one-fen move in the rate shifts arrival cost by a few yuan per tonne. Conversely, downstream legs settled in yen or won - Japanese or Korean refinery premiums and freight, for instance - get cheaper as those currencies firm. The mismatch either eats or returns margin inside a single STS transshipment.

Operationally the cleanest fix is CIPS direct clearing: settle in RMB or the counterparty local currency and drop the dollar leg entirely. Completing one offshore transshipment in the same bank and the same currency caps FX leakage and lines up with SAFE facilitation rules for transfer-trade receipts and payments.