Core Viewpoint - The BRICS nations are experiencing internal disagreements regarding "de-dollarization," particularly between India and Russia, which poses challenges to their cooperation [1] Group 1: India's Position - India was one of the first BRICS countries to express reluctance towards aggressively pursuing "de-dollarization" [4] - In 2025, India's Foreign Minister stated that India does not intend to undermine the dollar's status but aims to promote the rupee as an international currency [4] - The effectiveness of India's policy allowing international settlements in rupees has been limited, with less than 10% of external trade settled in rupees by August 2025 [4] Group 2: Russia's Attitude Shift - Russia was previously a strong advocate for "de-dollarization," significantly reducing the dollar's share in its foreign exchange reserves after the 2014 Crimea crisis [5] - In October 2025, Putin indicated that Russia does not plan to be "anti-dollar," suggesting that previous efforts were driven by U.S. sanctions rather than voluntary choice [5] - Russia's need to price oil in dollars and the challenges of settling trade with India in rupees have led to a more pragmatic approach [5][8] Group 3: China's Stable Strategy - Unlike India and Russia, China has maintained a stable strategy by increasing gold reserves and promoting digital currency [10] - As of August 2025, China's gold reserves reached 74.02 million ounces, the highest on record, aimed at diversifying away from dollar assets [10] - China is also advancing the "BRICS Digital Currency Bridge" project to facilitate cross-border payments and reduce reliance on the dollar [11] Group 4: Underlying Reasons for Disagreements - The differing positions on "de-dollarization" among BRICS nations stem from their unique national interests [13] - India seeks to internationalize the rupee without antagonizing the U.S., which is crucial for its IT and agricultural exports [13] - Russia's compromise is influenced by U.S. sanctions, while China leverages its strong economic foundation to gradually promote the internationalization of the renminbi [13] Group 5: Future Outlook - Despite differing attitudes towards "de-dollarization," cooperation among BRICS countries continues [16] - Each country may adopt distinct strategies based on their circumstances, with India likely to pursue rupee settlements while relying on the dollar [16] - The BRICS New Development Bank plans to issue $5 billion in green bonds in 2025, denominated in renminbi and euros, as a compromise to avoid direct confrontation with the dollar [19]

Group 1 - As of September 2025, China's foreign exchange reserves reached $333.87 billion, an increase of $16.5 billion or 0.5% from the end of August [1] - The rise in foreign reserves was primarily driven by the increase in global financial asset prices, influenced by the Federal Reserve's decision to restart interest rate cuts [1] - Despite the increase, the US dollar index remained relatively stable, only decreasing by 0.03% compared to the end of August, indicating a diminished impact from previous significant dollar depreciation [1] Group 2 - By the end of September, China's gold reserves amounted to 7.406 million ounces, up by 40,000 ounces from the end of August, marking the continuation of gold accumulation for 11 consecutive months [2] - The central bank's ongoing gold purchases are attributed to changes in the global political and economic landscape, with expectations that international gold prices may remain high for an extended period [2] - The proportion of gold in China's official international reserve assets stands at 7.7%, significantly lower than the global average of around 15%, suggesting a need for continued gold accumulation to optimize reserve structure [2]

国家外汇管理局10月7日发布数据显示，截至2025年9月末，我国外汇储备规模为33387亿美元，较8月末 上升165亿美元，升幅为0.5%。 国家外汇管理局同日发布的数据显示，9月末我国黄金储备为7406万盎司，环比增加4万盎司，为我国央 行连续第11个月增持黄金。 国家外汇管理局表示，2025年9月，受主要经济体宏观经济数据、货币政策及预期等因素影响，美元指 数小幅震荡，全球金融资产价格总体上涨。汇率折算和资产价格变化等因素综合作用，当月外汇储备规 模上升。 国家外汇管理局数据显示，9月末我国黄金储备为7406万盎司。 图片来源：国家外汇管理局 "我国央行已连续第11个月增持黄金，增持规模略低于前几个月，显示出我国央行继续在优化储备结 构、扩大黄金储备规模和控制增持成本等目标间保持动态平衡。"庞溟说。 专家表示，黄金是全球广泛接受的最终支付手段，我国央行增持黄金能够为稳慎推进人民币国际化创造 有利条件。从优化国际储备结构、稳慎扎实推进人民币国际化以及应对当前国际环境变化等角度出发， 未来我国央行增持黄金仍是大方向。 "截至9月末，中国外汇储备余额刷新2015年12月以来新高，表明中国防范化解各种冲击的能力继 ...

Core Viewpoint - The recent decision by China Mineral Resources Group to halt the purchase of BHP's dollar-denominated iron ore shipments signifies a strategic shift in the global iron ore market, indicating that China is ready to assert its negotiating power and reshape the existing trade dynamics [2][10]. Group 1: China's Position in Iron Ore Market - China is the largest importer of iron ore globally, with an annual import volume of 1.2 billion tons, accounting for nearly half of the global iron ore trade [4]. - Historically, China has faced unfair treatment in iron ore transactions, often paying significantly higher prices compared to the low extraction costs of mining giants like BHP [5]. - The reliance on dollar-denominated transactions has resulted in substantial financial risks for Chinese steel mills, with potential annual losses of up to $640 million due to unfavorable exchange rate fluctuations [7]. Group 2: Strategic Moves by China - China is diversifying its sources of iron ore to break the supply monopoly held by Australia and Brazil, which previously accounted for 80% of its imports [10]. - New suppliers, such as Guinea's Simandou mine and increased exports from Russia, are expected to enhance China's bargaining power and reduce dependency on a single supplier [12]. - The establishment of a Chinese pricing index, the "North Iron Index," aims to provide a more accurate reflection of market conditions and facilitate transactions in RMB [14]. Group 3: Economic Implications - The shift in iron ore procurement strategy is projected to significantly impact Australia's economy, with iron ore export revenues expected to decline from AUD 116 billion in 2025 to AUD 105 billion [25]. - The anticipated increase in RMB-denominated transactions in iron ore trade, from 5% in 2023 to potentially over 40% by 2026, indicates a growing acceptance of the RMB as a global trade currency [22]. - This change is expected to foster a more balanced and equitable trade relationship between China and Australia, moving away from a heavily dependent economic model [25][29]. Group 4: Future Outlook - The actions taken by China in the iron ore market may set a precedent for other commodities, potentially leading to a broader adoption of non-USD currencies in global trade [29]. - By asserting its rights as a major buyer, China is not only changing the dynamics of iron ore trade but also signaling a shift towards a more rational and fair global trading system [27][29].

Core Viewpoint - China's recent decision to halt the purchase of iron ore from BHP in USD and promote RMB settlement marks a significant shift in the global iron ore trade landscape, reflecting a long-term strategy to reduce reliance on the US dollar and enhance pricing power in the market [1][10]. Group 1: Historical Context - The move parallels historical attempts by leaders like Saddam Hussein and Muammar Gaddafi to challenge the dominance of the US dollar, albeit through different strategies; China opts for a pragmatic approach rather than radical political upheaval [3][10]. - China has been the world's largest iron ore importer, with imports reaching 1.237 billion tons in 2024, accounting for 72% of global imports, and imports from Australia alone totaling 743 million tons valued at 564.9 billion yuan [3][5]. Group 2: Market Developments - The Dalian Commodity Exchange introduced iron ore futures for foreign traders in May 2018, which has since become the largest iron ore derivatives market globally, with trading volume 23 times that of Singapore's market [5]. - The push for RMB settlement is supported by a robust market foundation, with cross-border RMB payments reaching 64.1 trillion yuan in 2024, a year-on-year increase of over 20%, making RMB the fourth largest payment currency globally [5][9]. Group 3: Strategic Moves - China's strategy includes a gradual approach, exemplified by the first RMB-denominated spot trading contract signed in October 2019, and the introduction of the "Beijing Iron Ore Index" in 2025, which is based on real transaction data [7][10]. - The breakdown of negotiations for RMB settlement with Australia has led to the current procurement halt, as Australia insists on USD settlement and higher prices, while China seeks a more reasonable pricing mechanism [7][10]. Group 4: Global Implications - The shift towards RMB settlement in iron ore trade is part of a broader trend of restructuring global financial power, with countries like Russia and India also exploring similar currency settlement agreements [9][10]. - The ongoing changes in the global iron ore supply-demand dynamics, with a 5.5% year-on-year decline in China's iron ore imports in early 2025, enhance China's bargaining power in negotiations [10].

Core Viewpoint - The suspension of iron ore procurement by China signals a shift towards the use of the Renminbi in pricing, indicating a potential currency war rather than a simple commercial dispute [1][7]. Group 1: Iron Ore Market Dynamics - China is the largest importer of iron ore globally, with imports exceeding 1.1 billion tons in 2023, accounting for 70% of global seaborne iron ore trade [3]. - BHP holds approximately 20% market share in China, alongside Rio Tinto and Vale, indicating a near monopoly on high-grade ore [3]. - The shift from USD to Renminbi pricing in iron ore could disrupt traditional pricing mechanisms, as seen with the limited volume of Renminbi contracts in 2023 [3][5]. Group 2: Broader Economic Implications - The transition to Renminbi pricing in raw materials could undermine the dollar's dominance, especially as the U.S. faces persistent inflation and high interest rates [5]. - China's Producer Price Index (PPI) has shown negative growth, indicating deflationary pressures that could alter pricing strategies for exports when denominated in Renminbi [5]. - The potential for "input deflation and output inflation" arises as the pricing logic shifts with Renminbi settlements [5]. Group 3: Market Reactions and Future Outlook - The capital markets have begun to react, with the Renminbi strengthening against the dollar and a notable decline in global mining stocks following the procurement news [8]. - Australia's forecast for iron ore prices has been adjusted downward, reflecting expectations that China will not continue to place orders unconditionally [10]. - The implications of this shift could extend beyond iron ore to other commodities like oil and gas, with early signs of Renminbi settlements emerging in the Middle East [10]. Group 4: Challenges Ahead - The internationalization of the Renminbi may increase capital flow and exchange rate volatility, necessitating robust risk management mechanisms [12]. - The strategic implications of halting procurement could escalate tensions with major players like BHP, Australia, and the U.S., raising questions about the extent of Renminbi pricing adoption in global commodity markets [13].

Core Viewpoint - The internationalization of the Renminbi (RMB) is gaining momentum amid a global trend of de-dollarization, with countries increasingly seeking alternatives to the US dollar for trade payments, particularly through the launch of the digital RMB international operation center in Shanghai [1][14]. Group 1: RMB Internationalization Progress - As of January to August 2024, the amount of goods trade settled in RMB accounted for 26.5% of global cross-border trade [5]. - In August 2024, RMB's share in global payments was 4.69%, maintaining its position as the fourth largest payment currency for ten consecutive months [7]. - The Cross-Border Interbank Payment System (CIPS) covers 189 countries and regions, facilitating smoother RMB circulation internationally [8]. Group 2: Challenges to RMB Internationalization - The capital account remains insufficiently open, limiting foreign investment in China's bond and stock markets due to quota restrictions [10]. - The liquidity and safety of domestic assets are lacking, with China's government bonds having a market size significantly smaller than US Treasuries [12]. - A limited number of commodities are priced in RMB, with only 4% of imported crude oil settled in RMB in 2024 [12]. Group 3: Gold as a Strategic Asset - Southeast Asian countries are increasingly storing gold in China, which signifies a shift in the global financial landscape and a competition for gold pricing power [3][19]. - The combination of digital RMB and gold provides a new pathway for RMB internationalization, allowing countries to use RMB without converting to USD [14][29]. - The Shanghai Gold Exchange is the largest physical gold trading platform globally, facilitating transactions in RMB and providing services like gold leasing and financing [25]. Group 4: Economic and Geopolitical Implications - The geopolitical climate, particularly post-Russia-Ukraine conflict, has led countries to seek safer asset storage options, with China emerging as a viable alternative [23][25]. - The RMB-gold model could potentially reduce the demand for USD in Southeast Asia by $120 billion annually if 30% of oil trade shifts to this model [31]. - The RMB-gold system aims to enhance the core functions of the RMB as a payment, safe-haven, and reserve currency, gradually breaking the dominance of the USD [33]. Group 5: Impact on Daily Life and Investment - The expansion of RMB usage in international settlements will lower transaction costs for consumers, reducing currency exchange fees [35]. - The promotion of digital RMB will simplify cross-border payments, allowing for seamless transactions without the need for large amounts of foreign currency [37]. - New investment products combining RMB and gold are emerging, offering stable returns and lower risks in the current low-interest-rate environment [40].

Core Viewpoint - The article discusses China's sudden halt in purchasing iron ore from BHP, a major Australian mining company, as a strategic move to push for transactions in RMB and gain pricing power in the iron ore market [1][6][10]. Group 1: Impact on Australia - China's decision to stop purchasing iron ore from BHP directly affects Australia's economy, as iron ore exports account for over 60% of Australia's total exports to China [4][8]. - In the fiscal year 2024-2025, Australia is projected to earn AUD 116 billion from iron ore sales, which could be significantly reduced due to China's halt in purchases [8][12]. - Australia's Prime Minister Albanese expressed disappointment over the situation, emphasizing the importance of iron ore exports for both economies [6][12]. Group 2: China's Strategic Objectives - The primary objective behind China's halt in purchases is to establish RMB as the currency for iron ore transactions, reducing reliance on USD and gaining pricing power [10][22]. - China aims to change the rules of engagement in the iron ore market, moving from being a passive buyer to a key player in setting terms and prices [22][26]. - By diversifying its sources of iron ore, including increased imports from Brazil and securing mining rights in Australia, China is working towards reducing its dependency on Australian iron ore [16][26]. Group 3: Future Prospects for Australia - Australia faces a critical choice: either agree to RMB settlement and lower prices to retain the Chinese market or resist and suffer economic consequences [28][30]. - The likelihood of Australia compromising is high, given the significant financial implications of losing the Chinese market [28][30]. - As China continues to develop mining operations in Africa and South America, Australia's dominance in the iron ore market is expected to diminish [30].

Core Viewpoint - China is shifting its iron ore purchasing strategy by indicating it will no longer buy from BHP in US dollars, suggesting a move towards using the Chinese yuan for transactions, which reflects a broader strategy to reduce reliance on the US dollar in international trade [1][4]. Group 1: China's Strategy - China has been gradually decreasing its purchases of US Treasury bonds and is now extending this strategy to iron ore, which is critical as over 70% of its iron ore needs are met through imports [4]. - BHP is the largest supplier of iron ore to China, and controlling iron ore prices is crucial for the steel industry, indicating that this move could significantly impact pricing dynamics [4]. Group 2: Market Reactions and Implications - Despite concerns, the majority of global iron ore transactions (85%) are still conducted in US dollars, with the yuan accounting for less than 5%, suggesting that the transition may face challenges [5]. - The Australian market, particularly BHP, has not reacted severely to the news, indicating that supply chains remain intact while awaiting China's next steps [5]. - This initiative aligns with China's long-term goal outlined in a 2025 government white paper to promote the use of the yuan in commodity pricing, potentially leading to a shift in pricing power from established indices to China [5].

Group 1 - The Federal Reserve unexpectedly cut interest rates by 25 basis points in September, leading to a 0.5% drop in the US dollar index, while foreign investors reduced their holdings of US Treasuries from 35% to 23%, with China selling off $25.7 billion [1] - 95% of global central banks are increasing their gold reserves, with spot gold prices rising to $3,840 per ounce, a 41% increase over the year, indicating a shift towards de-dollarization [1] - The share of the US dollar in global foreign exchange reserves has fallen to 38%, while the share of BRICS countries' local currency settlements has increased to 4.6%, highlighting a significant trend in currency diversification [1] Group 2 - Silver is being recognized as an undervalued asset, with Russia investing $535 million in silver and Saudi Arabia entering the silver trust market, while the US Mint has faced a six-year shortage of silver coins, with a gap of 117.6 million ounces this year [3] - Silver's dual attributes as a safe-haven asset and its industrial demand, particularly in solar panels and electric vehicles, are driving its price up to $44.98, surpassing gold's price increase by 8% [3] - Investors are advised to focus on physical silver bars rather than commemorative coins due to lower premiums, making it more accessible for ordinary investors [3] Group 3 - The internationalization of the Renminbi (RMB) is gaining momentum, with Shanghai piloting digital RMB for cross-border payments and supporting 400 export-oriented enterprises in sectors like renewable energy and high-end manufacturing [5] - Two types of companies are expected to benefit: cross-border financial service providers involved in digital currency projects and high-end manufacturing firms that can save on exchange rate costs by using RMB for transactions [5] - An investor reported a 22% gain from a cross-border payment-themed ETF, reflecting the positive outlook on RMB internationalization [5] Group 4 - Commodity funds are expected to rise as the US dollar depreciates, with ordinary investors advised to buy corresponding funds instead of directly trading futures [7] - For example, copper funds are anticipated to perform well due to high demand from the electric vehicle and power grid sectors, while oil funds can hedge against dollar depreciation [7] - A diversified investment strategy is recommended, allocating portions to gold, silver, and RMB internationalization funds to mitigate risks [7] Group 5 - Long-term holding of silver and commodities is advised, as the process of de-dollarization is gradual, and short-term volatility should not deter investors from the long-term trend [8] - The trend of de-dollarization is difficult to reverse once established, and assets like gold, silver, and RMB-related stocks can provide dual protection against dollar depreciation and benefit from industry growth [8] - The current market presents an opportunity for investors to diversify beyond gold, as many are still focused solely on it, potentially missing out on other valuable assets [8]