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FMG's trade in renminbi expected to be followed

Jul 12, 2011 10:58:08 PM- abc.net.au
A resources analyst says a decision by Fortescue Metals Group to trade using the renminbi signals a shift towards widespread transactions in the Chinese currency. Yesterday, Fortescue Metal's boss Andrew Forrest announced his group had completed its first ever deal using renminbi. It is understood FMG is the first Australian company to trade in the currency rather than in US dollars.

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