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CISA: China should use forex reserves to buy commodities

Posted on 25 February 2011

From Dow Jones: A senior steel industry official Thursday called for China to use its foreign-exchange reserves to build strategic commodity stockpiles, including iron ore, as a means to combat “unfair and monopolistic” global mining companies.
China’s attempts to restrict its $80 billion iron ore import market has been a long-running theme in its struggle to gain a stronger hand in the pricing of the raw material for steel production, a campaign complicated by Beijing’s willingness since June to allow for the yuan’s gradual appreciation, which is conducive for imports of dollar-denominated commodities………………………………………..Full Article: Source


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