Chinese Steelmakers Increasingly Use Yuan to Buy Iron Ore Abroad
Chinese steel mills have become a major force in promoting the internationalization of the yuan by increasingly using the currency to settle iron ore deals with global suppliers.
Baoshan Iron & Steel Co. Ltd. (600019.SH), the listed arm of China’s largest steelmaker, recently told investors that about 6% of the company’s 2021 iron ore purchases abroad were settled in yuan. The company aims to expand that to 10% in 2022.
- MOST POPULAR