Australian iron ore supplier embraces Chinese market with yuan settlement

$BHP Group Ltd (BHP.AU)$
Overseas mines carrying out yuan settlement for spot trades at ports.
BHP hailed recently its first shipment of yuan-based spot trade iron ore to dock at a port in East China's Shandong Province.

The arrival marks the official beginning of BHP's Shanghai branch, a wholly-owned subsidiary, since it was recently established to better serve clients in China, the largest iron ore importer in the world.
The launch of the yuan-based trade in iron ore marks an important step for the Australian company to get closer to the Chinese market, while balancing the possible risks and uncertainties from the US dollar ignited by high US inflation, industry insiders and experts said.