Quotable quotes from the 2018 Boao Forum

Chen Derong, general manager of China Baowu Steel Group

China is the largest commodities importer in the world. In the commodities market, it's inevitable to see more products denominated in yuan, especially in the iron ore sector, Chen said.

Last month, China unveiled yuan-denominated crude oil future contracts, the first of its kind open to overseas investors. Now, China accounts for about 70-80 percent of global iron ore trading, and yuan-denominated iron ore can be expected soon, Chen added.