BEIJING, May 28 (Reuters) – The China Securities Regulatory Commission (CSRC) is paying close attention to fluctuations in commodity prices and has cracked down on irregularities in the futures market, it said on Friday, while prices were passed on to consumers.
âThe CSRC will help manage commodity prices in coordination with other government bodies,â CSRC spokesperson Gao Li said at a press briefing.
The assurance comes after commodity prices hit record highs in recent weeks, which raised concerns in Beijing. Regulators have repeatedly promised stricter inspections of physical and derivatives markets, and crackdowns on speculation and hoarding.
Commodity prices have risen this year amid growing demand, as lockdowns aimed at curbing the COVID-19 pandemic eased and government stimulus measures boosted consumer spending around the world . China is the world’s largest consumer of many commodities, including copper, coal, and iron ore.
Premier Li Keqiang said on Monday that the government would work to prevent rising commodity prices from being passed on to consumers. (bit.ly/3bRYvjc)
China’s banking regulator has banned banks from selling commodity-related products to retail buyers and has asked lenders to unwind their books for these products. (Reporting by Jenny Su and Shivani Singh; editing by John Stonestreet, Robert Birsel)
Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to exchange commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.