China to stockpile sugar

Asia Bulletin (IANS) Wednesday 8th February, 2012

China will stockpile one million tonnes of sugar in an effort to stabilize prices and protect farmers' interests, the government said Wednesday.

The government will buy home-produced sugar for state reserves at a base purchase price of 6,550 yuan ($1,039) per tonne, the National Development and Reform Commission said.

The stockpiling work will begin Friday through a competitive bidding process, Xinhua reported.

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