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China sells its cotton reserves to stabilize price

Written By Views maker on May 23, 2009 | 5/23/2009

    In comparison with statistics last November, cotton prices have gone up by 2,000 yuan (293 U.S. dollars) per tonne as of April, said Zhang, citing a shortage of cotton as the cause of the price hike so China sold 4,991 tonnes of cotton from state reserves via its national cotton exchange based in Beijing . The move is part of the country's plan to sell 1.5 million tonnes of cotton to meet demands of textile makers and to stabilize prices of the cotton market.  The plan has been approved by the Ministry of Finance and the National Development and Reform Commission (NDRC), said an official, surnamed Zhang, with the second commodity section of the economic and trade division under the NDRC .