Recently, Baosteel, a subsidiary of China Baowu, and Australia Rio Tinto Group completed the first RMB cross-border settlement using blockchain technology, with a total amount of more than 100 million yuan. This is another new development of Baosteel following the first cross-border settlement of RMB with Vale in Brazil and BHP Billiton in Australia in January and April this year. So far, China Baowu and the world's three largest iron ore suppliers have achieved RMB cross-border settlement of iron ore transactions.

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China is a major country in international trade, and RMB has begun to be used more and more in international trade settlement, which reflects the international market's recognition of China's economic stability

Brazil Vale, Rio Tinto Australia and BHP Billiton Australia are the world's three largest iron ore suppliers and have extensive cooperation with the Chinese steel industry. China Baowu maintains long-term friendly cooperative relations with the three suppliers, especially in recent years, the scope and scope of cooperation has been deepened.

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After the joint efforts of Baosteel and major suppliers, the cross-border settlement of iron ore RMB is proceeding smoothly:
● In January this year, Baosteel and the world ’s largest iron ore supplier Brazil Vale successfully completed the first RMB cross-border settlement with a total amount of approximately 330 million yuan.
● In April, Baosteel and BHP Billiton completed the first RMB cross-border settlement of imported iron ore with a total amount of nearly 100 million yuan.

As the first steel company in China to carry out such business, China Baowu will also become the first Chinese company to normalize cross-border settlement of iron ore in RMB.

At the same time, Baosteel actively worked with suppliers such as BHP Billiton to study how to use new technologies such as cloud on a larger scale to promote the establishment and development of new business models.