In October, media reports suggested mining giant BHP had accepted a deal to settle about a third of its spot iron ore sales to Chinese customers in China’s own currency, the renminbi (RMB), rather than US dollars.
Those reports still haven’t been officially confirmed, amid ongoing closed-door negotiations between the mining company and China’s state-owned iron ore buyer, China Mineral Resources Group (CMRG).
But headlines quickly jumped to the spectre of “de-dollarisation” and geopolitical turning points.
