China signs yuan-dominated purchase contract with mining giant Rio Tinto in a bid to internationalize its currency

Rio Tinto Group, a British-Australian behemoth in the global mining industry, has signed its first yuan-denominated purchase contract as China looks to internationalize its currency and move more Chinese steel overseas, Yicai Global reported London- and Melbourne-based Rio agreed to buy 170,000 tonnes of iron ore from Shanxi Gaoyi Steel, Shanghai Securities News reported today. […]

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