The US dollar might be a thing of the past when it comes to global trade, as Australia’s iron ore industry welcomes this new payment method.
A ship carrying Australian iron ore docked in China’s Shandong province last week. As Australia’s biggest buyer, there’s nothing unusual about that. What was remarkable was how that iron had been paid for.
The transaction had been in Chinese yuan. Not US dollars.
The Beijing-controlled Global Times saw this as a small – but significant – victory.
“Australian firms understand they cannot always play by their own rules in business partnerships…
