No signs of speculation in agricultural products: Yao Jingyuan

14:14, May 24, 2010      

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The unstable price of agricultural products is mainly because of the weather rather than the inflow of hot money into agricultural and subsidiary products markets, said Yao Jingyuan, chief economist of the National Bureau of Statistics (NBS).

The price of agricultural and sideline products in China has been fluctuating recently. Garlic and mung bean, for instance, have seen a sudden tremendous rise in price.

In light of this situation, Yao said the weather instead of other factors is to blame for the current volatility of price. Recently, the production and transportation of crops has been consistently disrupted due to bad weather in China.

Yao said there was no truth to rumors that there is an inflow of hot money for speculation on agricultural products.

"There is not sufficient evidence to show the inflow of idle capital into China's agricultural and subsidiary products market," he said.

From his point of view, agricultural products are not prone to speculation. Garlic and mung bean are products with a short growth cycle whose yields will increase with the rise of price. Though someone may profit in short term, there is no profitability to speculate in agricultural products in the long run and no probability to affect the overall market situation.

By People's Daily Online

(Editor:祁澍文)

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