What's new

Baosteel, Rio Tinto realize RMB-based iron ore trade

Zsari

FULL MEMBER
Feb 21, 2014
1,411
1
2,851
Country
China
Location
United States
Baosteel, Rio Tinto realize RMB-based iron ore trade

(ECNS) -- Shanghai-based Baosteel and Australia's Rio Tinto have completed their first cross-border RMB settlement using blockchain technology, the former's parent company China Baowu Steel Group announced Tuesday.

The deal was worth over 100 million yuan ($14.10 million).

Baosteel completed its first cross-border RMB settlement with Brazil's Vale SA Group in January and Australia's BHP in April. So far, China Baowu has realized iron ore trade with the world's "three giant" suppliers in the from of cross-border RMB settlement.

The use of RMB settlement falls in line with the development trend of RMB internationalization, Baowu said.

Chen Derong, Baowu's chairman, said he would like to strengthen cooperation with all parties for long-term prosperity.

Baosteel Corp and Wuhan Iron and Steel Corp merged into Baowu Steel Group in September 2016.



http://www.ecns.cn/m/business/2020-05-12/detail-ifzwefvs2289112.shtml
 

Han Patriot

ELITE MEMBER
Mar 23, 2011
10,340
-19
15,840
Country
China
Location
Singapore
Not good news for the US when even an Australian company is willing to go RMB Blockchain.
I think China will not abandon dollar trade it will be a diversification. The Chinese leadership does not like unproven sudden changes, they prefer gradual changed, experimentation and pilot systems to verify the risk and effects.
 

tower9

SENIOR MEMBER
Sep 19, 2018
2,519
1
3,944
Country
China
Location
United States
I think China will not abandon dollar trade it will be a diversification. The Chinese leadership does not like unproven sudden changes, they prefer gradual changed, experimentation and pilot systems to verify the risk and effects.
Considering how dumb Trump is, he'll probably force them off the dollar and make them speed up digital Yuan adoption.
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)


Top Bottom