(Yicai Global) May 12 -- A subsidiary of China Baowu Steel Group has completed its first yuan-denominated cross-border settlement, totaling more than CNY100 million (USD14.1 million), with an Australian unit of global mining giant Rio Tinto by using blockchain technology.

China Baowu Steel and the world's three largest iron ore suppliers have now settled deals in the Chinese currency, the Shanghai-headquartered parent said on its website yesterday.

Editor: Emmi Laine