The renminbi's lack of convertibility and concerns that steel contracts are not physically settled are limiting Chinese steel mill participation in the iron ore swaps market, according to a China industry participant.
Record levels of volume in iron ore swaps have been traded on the Singapore Exchange this year, leading some observers to speculate that a critical mass has been achieved with traders viewing the derivative as a proxy for China. However, Chen Dongwei, deputy general manager at Beij
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