Andrew Forrest, CEO of Fortescue Metals Group (Fortescue), Australia's third biggest iron ore producer, has stated that Fortescue has started business transactions in the Chinese currency, renminbi (RMB).
"Fortescue has started transacting in renminbi. We are exploring the possibilities of being paid with renminbi and purchasing equipment in renminbi from our renminbi bank accounts," Forrest said in a meeting, according to Reuters.
The company completed a business-to-business transaction in renminbi on Friday but the deal did not involve the sale of iron ore. Iron ore sales to China, the world's biggest iron ore consumer, are denominated in US dollars.
Meanwhile, Fortescue, which is listed on the Australian Stock Exchange, is now considering a listing on the Hong Kong or Shanghai stock exchanges to expand its investor base in one of its main markets, China.