Will China’s deal with Australian mining giant BHP boost yuan internationalisation?

Australian mining giant BHP’s decision to adopt a yuan-denominated index for a major Chinese buyer poses a challenge to the US dollar’s long-standing dominance in iron ore pricing, delivering a hard-won victory for Beijing, analysts said. But while the agreement marked a breakthrough in Beijing’s push to gain greater commodity pricing power at a time when the United States faces growing “geopolitical isolation”, analysts stressed that its broader efforts to reshape the old order remained far...

By Sylvia Ma,Kandy Wong