Fortescue Touts China Ties With 1st-Ever Yuan Loan to an Australian Firm

This aligns with Beijing’s long-term goal to make the Renminbi a global alternative to the US dollar.

Australian businessman Andrew Forrest attends the UNFCCC COP28 Climate Conference in Dubai, the UAE, on Dec. 5, 2023. Sean Gallup/Getty Images

Australian company Fortescue has secured a 14.2 billion Renminbi (US$2 billion) loan from a range of Chinese, Australian, and other international lenders.

Fortescue, formerly known as Fortescue Metals Group, is a publicly traded company majority owned by billionaire mining magnate Andrew Forrest.