Australian mining giant BHP’s decision to adopt a yuan-denominated index for a major Chinese buyer poses a challenge to the US dollar’s long-standing dominance in iron ore pricing, delivering a hard-won victory for Beijing, analysts said.
But while the agreement marked a breakthrough in Beijing’s push to gain greater commodity pricing power at a time when the United States faces growing “geopolitical isolation”, analysts stressed that its broader efforts to reshape the old order remained far…
Will China’s deal with Australian mining giant BHP boost yuan internationalisation?
