Central wheat reserves auctioned to adjust market demand

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Last updated at: (Beijing Time) Tuesday, March 16, 2004

Central wheat reserves auctioned to adjust market demand

China auctioned 200,000 tons of state reserve wheat in Tianjin on Tuesday, a port city in north China, to adjust market demand and boost economic development.

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China auctioned 200,000 tons of state reserve wheat in Tianjin on Tuesday, a port city in north China, to adjust market demand and boost economic development.

This was the first auction of state-reserved grain this year and the total sales volume was 410 million yuan (49.57 million US dollars).

The auction attracted 75 Chinese grain enterprises.

China Grain Reserves Corporation originally put 385,000 tons of grain on auction at the China Tianjin Grain and Oil Whole Sales Market, and 200,000 tons of wheat, 52.1 percent of the total, were auctioned in an hour and a half of bidding.

China has always attached great importance to grain production. Currently, China boasts a grain reserve of 500 million tons, equal to the annual grain output of China.

Source:Xinhua

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