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Story summary
- Ahead of China's annual two sessions, officials emphasize reducing financial risks and fighting political corruption as goals of President Xi Jinping.
- The Australia–China iron ore trade has shifted from price talks to currency use.
- China Mineral Resources Group directed traders to avoid US dollar-denominated iron ore from BHP.
- The move supports President Xi Jinping's goal to raise the yuan's global status toward a reserve currency, outlined in a 2024 Qiushi speech.
