Foreign Media: Australia's mining giant BHP has decided to adopt a renminbi-denominated index for iron ore transactions with major Chinese buyers. This move challenges the long-standing dominance of the US dollar in iron ore pricing and is seen as a hard-won victory for China's efforts to internationalize the renminbi.
Analysts believe this marks a potential "paradigm shift" in the global commodity pricing system, helping to enhance the use of the renminbi in international trade and reduce the monopoly advantage of the US dollar. The transaction is regarded as a significant milestone in the process of renminbi internationalization.
Original Source: toutiao.com/article/1863368419969028/
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