China's Baowu and Brazil's Vale for the first time adopt RMB settlement for some imported iron ore

Alan Yang

Baosteel, a subsidiary of China Baowu Iron & Steel, and Brazil's Vale, the world's largest iron ore supplier,

, completed the RMB cross-border settlement of imported iron ore under the Long Term Agreement. The total settlement amount is about 330 million yuan (equivalent to nearly 50 million USD).