Onshore USD/CNY settled at 6.6550, down 0.08%; muted volatility implies neutral impact on SNSUC’s offshore trade settlements; standard cross-border fund timing remains appropriate.

The yuan firmed to 6.6613 and the won to 1,335.45 while the yen held at 157.86 and the euro fell to 7.4164 against the yuan; currency mismatch reprices the transshipment book and CIPS direct clearing sheds the dollar leg.

SAFE's new-type offshore international trade already recognizes the structure where an offshore SPV signs and the domestic refiner clears customs under its own quota. With the yuan firming to 6.6683 today, RMB settlement routing friction eases further; but the same-bank, same-currency rule for offshore resale stays a hard line, and cross-bank or cross-currency deals must be declared up front.

Per compliance rules, SNSUC never acts as the China-side crude import filing entity; an economically substantive offshore SPV signs the supply contract while Chinese refiners file and use their own quotas.