SHANGHAI, Mar. 6 (SMM) – China’s Bohai Commodity Exchange started trialing iron ore spot trading today to test RMB settlement in cross border trade.

Participants of the iron ore trade are not given the right of physical delivery during the trial period, according to a statement on the Bohai exchange’s website.

Established in 2009 and headquartered in Tianjin, an economic hotspot in the country’s north, the Bohai exchange trades around 70 commodities, ranging from petrol and agricultural products to Chinese medicines.