BHP agrees to settle some iron ore sales to China using RMB instead of USD

Unfortunately RMB suffers from the same unreliability problem, namely the value of the currency is subject to manipulation by its owner (China). So this is actually nbad news for the world, the growing distrust of the USD as a trading currency means we either go back to a far harder and costly world of trading with multiple currencies, or we settle on a new premier currency. RMB would be a poor choice fto replace USD because, as i say, it isn't free independent enough from the government's influence. A reversal to the Pound could be a good move, the British have a proven track record with maintainingba stable teading currency. But the most likely, and probably the most independent by its very nature is the Euro. Its a shame BHP couldn't convince their partners to be paid in Euros.

Trade between most countries is settled in USD. Power of the petrodollar and all that.