人民币国际化狂飙！铁矿石支付巨变，澳洲凭啥妥协？

Core Insights - The presence of the Renminbi (RMB) in global transactions is increasing, with daily trading volume exceeding $800 billion, accounting for 8.5% of the global foreign exchange market [1] - The shift towards RMB settlement in commodity trading is gaining momentum, particularly in iron ore transactions [1][3] RMB Settlement Promotion - In the past year, the application of RMB in commodity settlements has accelerated significantly, with a new agreement between China Mineral Resources Group and BHP requiring all iron ore payments to be made in RMB starting next month [1] - Chinese steel companies faced an additional cost of $23 billion due to rising iron ore prices, prompting foreign suppliers to adjust their settlement methods [3] Changes in Iron Ore Sector - Rio Tinto has increased the RMB settlement ratio in its Western Australia customs declarations from 10% to 40% as companies rush to promote RMB settlements to avoid missing out on the Chinese market [5] - The proportion of iron ore settled in RMB rose from 5% at the beginning of 2023 to over 25% by mid-2025, with the number of RMB contracts signed by Chinese steel companies tripling compared to the previous year [7] India's Shift to RMB - India's largest oil refiner has begun using RMB for payments when purchasing crude oil from Russia, a decision influenced by U.S. tariff threats [9] - The share of Russian oil in India's imports increased from 1% in early 2022 to 35% by 2025, surpassing Saudi Arabia as the largest supplier [13] Regional Adoption of RMB - Refiners in countries like Vietnam and Malaysia have started using RMB to purchase Russian oil, with monthly transactions exceeding 5 billion yuan [15] - The trend of using RMB for commodity settlements is seen as a challenge to the dollar's dominance, potentially narrowing the channels for dollar outflows [15] RMB Internationalization Progress - China is maintaining a steady pace in promoting RMB internationalization, focusing on trade surpluses to solidify its foundation [17] - By 2024, India's exports of agricultural products to China are expected to reach $20 billion, providing funds for RMB settlements in Russian oil [17]