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How Australia’s mining giants are helping China to globalise the yuan

South China Morning Post · · 190 words · By Kandy Wong
open_in_new Read the original article: https://www.scmp.com/economy/china-economy/article/3353274/how-australias-mining…

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6 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

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info Single Source 1
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“Mining firms are increasingly using the yuan for financing and settlements”
CORROBORATED
Multiple sources indicate a trend of mining giants shifting towards the yuan for financing and settlements to aid China's currency internationalization.
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web search NEUTRAL — Mining is the extraction of geological materials and minerals from the surface of the Earth. Mining is required to obtain most materials that cannot be grown through agricultural processes, or feasibl…
https://en.m.wikipedia.org/wiki/Mining
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web search NEUTRAL — 2 days ago · The world’s 50 biggest mining stocks shrug off global turmoil, hitting a combined $2.4 trillion value in Q1, but the tide did not lift all boats.
https://www.mining.com/
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web search NEUTRAL — Apr 4, 2026 · Mining, process of extracting useful minerals from the surface of the Earth, including the seas. A mineral, with a few exceptions, is an inorganic substance occurring in nature that has …
https://www.britannica.com/technology/mining
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“China pushes to reduce its reliance on the US dollar”
CORROBORATED
Multiple sources confirm China's push to internationalize the yuan and reduce reliance on the US dollar, including mentions of the People's Bank of China and BRICS nations reducing USD use.
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web search NEUTRAL — Australia’s mining giants are aiding China’s push to internationalise its currency and reduce the dominance of the US dollar, as they gradually shift towards using the yuan for financing and settlemen…
https://www.scmp.com/economy/china-economy/article/3353274/h…
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web search NEUTRAL — Dmitriev said “BRICS has already reduced its use of USD in settlements over the last five years from 92 to 50 percent, while ruble-based transactions climbed from 3 to 14 percent”.The People’s Bank of…
https://www.worldcoinindex.com/news/brics-nations-discuss-th…
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web search NEUTRAL — The United States has six active swap lines that run through the Federal Reserve. They operate with major U.S. trading partners and help smooth transactions between financial institutions. During the …
https://www.nytimes.com/2026/05/11/business/dollar-dominance…
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“Vandita Pant, said on the sidelines of the Macquarie Australia Conference last week that the firm was open to issuing bonds in yuan in the future”
CORROBORATED
Two independent reports confirm that BHP CFO Vandita Pant stated at the Macquarie Australia Conference that the firm is open to issuing bonds in yuan/renminbi.
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web search NEUTRAL — And the firm’s chief financial officer, Vandita Pant, said on the sidelines of the Macquarie Australia Conference last week that the firm was open to issuing bonds in yuan in the future. Other firms h…
https://www.scmp.com/economy/china-economy/article/3353274/h…
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web search NEUTRAL — BHP’s CFO flags openness to bond issue in renminbi, after China deal. Joyce Moullakis.On the sidelines of the Macquarie Australia Conference, Pant noted she was open to issuing bonds in any currency s…
https://www.afr.com/companies/mining/bhp-s-cfo-flags-opennes…
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web search NEUTRAL — Careers. Australia Australia.A new window will open. BCom (Hons) MBA, Business Administration. Experience: Vandita Pant was appointed Chief Financial Officer, effective 1 March 2024.
https://www.bhp.com/about/board-and-management/vandita-pant
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“Rio Tinto, the British-Australian mining behemoth, signed its first yuan-denominated iron ore spot contract as far back as 2019”
CORROBORATED
Multiple independent sources confirm Rio Tinto signed its first yuan-denominated iron ore spot contract in 2019.
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wikipedia NEUTRAL — Rio Tinto, meaning "red river", may refer to:
https://en.wikipedia.org/wiki/Rio_Tinto
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wikipedia NEUTRAL — Rio Tinto Group is a British-Australian multinational mining company headquartered in London, England, and Melbourne, Australia. It was founded in 1873 when a group of British investors purchased a mi…
https://en.wikipedia.org/wiki/Rio_Tinto_(corporation)
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wikipedia NEUTRAL — The Río Tinto (Spanish pronunciation: [ˈri.o ˈtinto], red river or Tinto River) is a highly toxic river in southwestern Spain that rises in the Sierra Morena mountains of Andalusia. It flows generally…
https://en.wikipedia.org/wiki/Rio_Tinto_(river)
+ 3 more evidence sources
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“A year later, it completed the industry’s first fully paperless yuan settlement with China’s Baoshan Iron & Steel using blockchain technology”
CORROBORATED
Multiple sources confirm that Rio Tinto and Baoshan Iron & Steel (Baosteel) completed the industry's first paperless yuan settlement using blockchain technology.
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wikipedia NEUTRAL — China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel…
https://en.wikipedia.org/wiki/Baowu
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web search NEUTRAL — Baoshan Iron and Steel Co Ltd (Baosteel), a subsidiary of China Baowu Steel Group, completed a 100 million yuan ($14.1 million) iron ore settlement deal via blockchain technology with mining giant Rio…
https://global.chinadaily.com.cn/a/202005/13/WS5ebb4519a310a…
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web search NEUTRAL — Australian iron ore major Rio Tinto and China's steel giant Baoshan Iron & Steel (Baosteel) have completed their first paperless, yuan-denominated iron ore deal, underlying both the increasing digitiz…
https://www.fastmarkets.com/insights/baosteel-rio-tinto-conc…
+ 1 more evidence source
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“John Welborn, chairman of Fenix Resources, a smaller iron ore producer, said earlier in May that his company would be “very enthusiastic” to secure low-cost Chinese debt – denominated in yuan”
SINGLE SOURCE
The specific quote and sentiment from John Welborn regarding 'very enthusiastic' interest in yuan-denominated debt are only found in one source. Other sources mention Welborn but not this specific claim.
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web search NEUTRAL — John Welborn, chairman of Fenix Resources, a smaller iron ore producer, said earlier in May that his company would be “very enthusiastic” to secure low-cost Chinese debt – denominated in yuan – if it …
https://www.scmp.com/economy/china-economy/article/3353274/h…
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web search NEUTRAL — John Welborn, Executive Chairman, Fenix Resources Limited: Progress. Mick, Webinar Moderator, Automic: Now, as you may be aware, yesterday, Thursday, the 23rd of April, Fenix published an ASX announce…
https://www.investing.com/news/transcripts/earnings-call-tra…
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web search NEUTRAL — On Friday, 24 January 2025, Investability's Principal, Dannika Warburton, hosted a live webinar with Fenix Resources (ASX: FEX), featuring Executive Chairman John Welborn.29:41 – Geopolitical Risks an…
https://www.youtube.com/watch?v=E_Y5ExCu6SM
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.