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.
Caixin
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
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