China Halts Aussie Iron Ore. Perth Property Market About To Crash? | EP109
In early October, China suddenly ordered a complete halt to purchases of Australian iron ore, and demanded that all deals be settled in Chinese currency, the RMB. It rattled Canberra so much that the Prime Minister stepped in front of the cameras to calm everyone. Why did China choose this moment? And why does the move seem aimed only at BHP? It's more complicated than it looks. If it keeps escalating, it could deal a heavy blow to Australia’s pillar industry—mining—and ultimately damage the Australian and Western Australia's economy. When mining slows, jobs openings dry up.