China defends iron ore benchmark pricing system.

中国力挺铁矿石基准价格体系。

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The dollar has long been the global benchmark for commodities pricing, from oil to gold to iron ore, and all of the world's most important indexes are still priced in the greenback.

美元已长期作为全球商品价格的基准，从石油到黄金，再到铁矿石，以及世界所有最重要的指数都是根据美元定价的。

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On November 1st the NYMEX opened an open-outcry pit in Dublin to handle Brent crude futures, the benchmark contract for pricing two-thirds of the world's oil.

11月1日，纽约商品交易所在都柏林的期货交易所开张，并以公开叫价的方式交易作为世界三分之二原油的定价基准的布伦特原油期货。

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The EU was also thought to favour benchmark pricing as the fairest way to set iron-ore prices for steelmakers.

ECONOMIST: BHP Billiton ends its pursuit of Rio Tinto

Brent crude's position as the accepted benchmark for pricing most of the world's oil is coming under fire, as experts in the oil market say the blend doesn't reflect true global supply and demand.

WSJ: Brent Benchmark Is Skewed by Crude Measure

And yet, despite their inherent fuzziness and lack of "significant operational content", despite the lack of formal checks on banks' internal procedures for coming up with these rates, Euribor and Libor are the benchmark for pricing transactions worth trillions of dollars.

BBC: Inconvenient truths about Libor