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Chinese steelmakers increasingly use yuan to buy iron ore abroad

Steel mills becoming a major force in drive to internationalize China's currency

China Baowu Steel Group says about 6% of its overseas iron ore purchases were settled in yuan in 2021. The country's largest steelmaker aims to expand that to 10% this year.   © Reuters

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.

China Baowu Steel Group, the country'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.

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