I'm not agreed with this, letting rmb circulated outside china too much is not good. PBoC would have less control on currency. Rather focus on production and technology with goal of close to autarky.
Better bring flash iron making and gradually reduce import.
I think this has less to do with currencies for the trade and more about Australia demanding China pay an +$15 premium per metric tonne above the spot price.
BHP insists on an annual pricing model anchored to the Platts Iron Ore Index while Chinese buyers want quarterly contracts priced more closely with spot levels, which are about $15 lower per metric tonne.
