Fortescue Metals Group Ltd. plans to ramp up use of the yuan for both buying and selling products after a deal was reached between Australia and China this week that allows the nations’ currencies to be directly converted.
Andrew Forrest, chairman of the world’s fourth-largest iron-ore producer, said the company was already using the yuan in a “small percentage” of its trades. But he urged China to do more to remove obstacles to trading directly in yuan, also known as the renminbi or RMB.
China is Australia’s biggest trading partner and the world’s largest buyer of commodities, including copper and iron ore.
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Enda Curran and Rhiannon Hoyle, Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/0TkPEhniOyU/
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