In a landmark move that could reshape global commodity markets and impact iron ore prices, BHP Billiton has agreed to settle 30% of its iron ore spot trades with Chinese buyers in Chinese Yuan (RMB). This represents a significant departure from the longstanding U.S. dollar standard. Set to begin in Q4 2025, the shift marks a strategic pivot in Australia-China trade relations. It also signals China’s growing influence in global pricing mechanisms. China’s confrontation with BHP over iron ore prices and currency settlement is more than…
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