China to set up new prices, competition agencies to curb mkt manipulation, monopoly (2)

22:47, July 01, 2010      

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Copies of the report were also provided to participants of the meeting.

Speculation has been blamed for the greatly increased prices of some agricultural products in China this past May.

The price of mung beans, for example, soared, from nine yuan (1.32 U.S. dollars) per kilogram in October in 2009 to 20 yuan by May.

Xu said the Jilin Corn Center Exchange Ltd. has been fined 1 million yuan (147,000 U.S. dollars) for market manipulation.

Three other companies that co-hosted the conference also received fines ranging from 300,000 yuan to 500,000 yuan.

The price of mung beans has now fallen to about 13.5 yuan per kilo, down by more than 30 percent compared to the earlier price hikes. Meanwhile, prices of vegetables have also begun to decrease since May, the statement said.

The NDRC has been working to prevent inaccurate reports of prices as it works to restrain expectations of inflation.

On June 11, NDRC officials criticized a Beijing newspaper for running an "untrue" story about a garlic speculator who spent millions of his profits to buy gold.Source:Xinhua
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