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China is now one of the biggest worries for Australia's most powerful bankers with iron ore prices halving in just two months.
As recently as July, the commodity used to make steel was worth $US200 a metric tonne but in recent days, it has dropped to $US100 for the first time since July 2020.
To meet climate change targets, China's Communist Party government has ordered cutbacks in steel production, reducing the need for iron ore from Western Australia's Pilbara region.
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China is now one of the biggest worries for Australia's most powerful bankers with iron ore prices halving in just two months (pictured is Chinese President Xi Jinping)
The Reserve Bank of Australia has now revealed the plunge in iron ore prices was discussed at its September meeting, chaired by Governor Philip Lowe.
'There was also uncertainty about the effects of a range of recent policy measures, including those aimed at curbing financial stability risks, reducing carbon emissions and achieving broader social objectives,' the bank's monthly meeting minutes said on Tuesday.
'The price of iron ore had fallen from high levels in recent times as Chinese authorities
