In a sign of further influence in global financial markets, a major Chinese bank has been allowed into an elite club of bankers that sets the global price of silver.
Traders were quick to hit their sell buttons as official figures released in Beijing today showed exports in February were down a whopping 25.4 percent from the previous year.
Long-term, the deal could be viewed as the first step of a more disciplined approach to iron ore supply by aligning two of the world’s “big four” producers of the commodity.