• Sunday, June 7, 2020

Baosteel, Rio Tinto realize RMB-based iron ore trade

Discussion in 'China & Far East' started by Zsari, May 24, 2020.

  1. Zsari

    Zsari FULL MEMBER

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    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
     
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  2. tower9

    tower9 FULL MEMBER

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    Not good news for the US when even an Australian company is willing to go RMB Blockchain.
     
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  3. Han Patriot

    Han Patriot ELITE MEMBER

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    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.
     
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  4. tower9

    tower9 FULL MEMBER

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    Considering how dumb Trump is, he'll probably force them off the dollar and make them speed up digital Yuan adoption.
     
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