China Succeeds in Adding Yuan Pricing to BHP Iron Ore Contracts

China’s deal with mining giant BHP Group to price more of its iron ore in yuan represents a big step forward in the country’s drive for greater influence over how it pays for commodities.

BHP’s agreement on long-term contracts struck with state-backed iron ore buyer, China Mineral Resources Group Co., gives more weight to domestic benchmarks priced in yuan, according to people familiar with the matter, and comes at the expense of dollar-based indexes that have long underpinned the $190 billion market.