Beijing is using its market power in iron ore to pressure BHP as it moves to expand yuan-based trade and reduce reliance on the US dollar.
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Tokyo | China’s renewed showdown with BHP over iron ore pricing is emerging as the latest front in Beijing’s campaign to loosen the grip of the US dollar on global trade.
Beijing has expanded its embargo on some BHP cargoes, ordering steel mills and traders to stop buying “Jingbao fines”, a low grade of the commodity that constitutes a small percentage of the miner’s exports to China.
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Original URL: https://www.afr.com/world/asia/why-china-wants-to-price-more-iron-ore-contracts-in-its-own-currency-20251119-p5ngu3
