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China says it will stabilise commodity market, step up trade and stockpiling adjustment

  • Prices for commodities such as steel, iron ore and copper have surged this year fueled by post-lockdown recoveries and easing liquidity globally.
  • The country also urged coal producers to boost production "in the premise of ensuring safety" to meet peak demand in summer, the cabinet said.
19 May, 2021

BEIJING: China will strengthen management of both supply and demand sides to curb "unreasonable" increases in commodity prices and prevent the pass-through to consumers, the country's cabinet said on Wednesday, according to a report by state broadcaster CCTV.

Prices for commodities such as steel, iron ore and copper have surged this year fueled by post-lockdown recoveries and easing liquidity globally.

China will step up adjustments on the trade and stockpiling of commodities and reinforce inspections on both spot and futures market, CCTV reported the cabinet meeting chaired by Premier Li Keqiang as saying.

It will strictly crack down malicious trading and inspect behaviours that bid up prices, the cabinet said.

The country also urged coal producers to boost production "in the premise of ensuring safety" to meet peak demand in summer, the cabinet said.

China will maintain stable monetary policy and keep yuan exchange rates basically steady, according to the cabinet.

The cabinet said China will help small and micro firms to cope with production and operation difficulties amid rising costs.

"(China) will implement tax reduction or exemption for small and micro companies... strengthen relending, rediscouting and guide banks to expand credit loans," the state media report said.

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