China launches temporary cotton reserve
Updated: 2011-09-09 09:57
BEIJING - China launched a temporary cotton reserve Sept 8 in an effort to stabilize cotton production and protect farmers' interests, the country's top economic planner said.
China National Cotton Reserves Corporation will buy cotton for the temporary reserve as of Sept 8 at a price of 19,800 yuan ($3,101) per ton this year, the National Development and Reform Commission said in a statement on its website.
The move aims to stabilize expectations of cotton production, sales and consumer enterprises, and prevent production volatility due to big price fluctuations, the statement said.
The purchase will apply to the country's 13 major cotton production regions including Xinjiang Uygur autonomous region when spot prices of newly produced cotton are below the purchase price, the statement said.
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