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Key traders banned from purchasing grains

By Song Jingli (chinadaily.com.cn)
Updated: 2011-02-28 15:47
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Four centrally-administrated companies dealing in grain-related business recently received an order from the authorities, banning them from purchasing grains on the market, as the government tries to ease upward price pressure, the China Business Journal reported Monday.

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There is no official document concerning the grain purchasing restrictions yet, the report said.

The companies are COFCO Limited, China Grain Reserves Corporation, Chinatex Corporation and China Grain And Logistics Corporation.

China may reduce import tariffs on grains if prices go up too quickly on the domestic market as global grain prices keep rising, according to the paper.

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