Beijing is using economic clout to reshape its global financial influence – a strategy analysts say could play out over decades
In late 2025, reports surfaced that China Mineral Resources Group (CMRG) had instructed traders to stop buying US dollar-denominated iron ore from the Australian mining and metals giant BHP – news that drew global attention.
For Australian miners, it might have looked like only the latest chapter in a long-running commercial dispute. But for China, thousands of miles away, it could form part of a much broader strategy: advancing the yuan’s rise on the global stage.
“Although China is already a major financial country … it is not yet strong overall,” Xi had said. “Building a financial powerhouse requires long-term effort and sustained perseverance.”
