File photo shows the steelmaking production in a steel plant.
BEIJING, Aug. 7 (Xinhua) -- Angang Group International Trade Corporation Ltd., a unit of China's steel giant, Ansteel Group, has recently concluded the cross-border settlement of imported iron ore in RMB.
The deal was reached between Angang Group International Trade Corporation Ltd. and Rio Tinto Group, one of the world's major iron ore producers, in the amount of about 100 million yuan (about 14.36 million U.S. dollars).
It is reported that Ansteel Group purchases millions of tons of high-quality iron ore products from Rio Tinto Group every year. Cross-border settlement of imported iron ore in RMB can effectively avoid risks caused by exchange rate fluctuations for domestic buyers, and overseas mining companies can also have more options for their business operations and future development in China.
The deal makes Ansteel Group the second steel company in China's steel industry that realizes the transaction through RMB cross-border settlement, showing its efforts to promote the internationalization of RMB.
Angang Group International Trade Corporation Ltd. said that it will actively explore the application of new digital technologies such as blockchain and cloud transactions, and further expand the scale and scope of cooperation in the use of RMB for cross-border settlement, so as to improve the efficiency of supply chain transactions, reduce transaction costs, and help the high-quality development of China's steel industry. (Edited by Hu Pingchao with Xinhua Silk Road, firstname.lastname@example.org)