September 20, 2007

China may cut import duty to curb high soy prices, say traders
 

China is likely to announce a temporary reduction of soybean import duty to 1 percent from 3 percent for three months to encourage imports, traders and industry officials said Thursday (Sep 20).

"The move has been discussed among related government departments and is expected to be announced soon," said an industry official familiar with the matter.

It is not yet clear whether the temporary reduction will last from October to December or from November to January, but the move to attract more imports is designed to curb high domestic soybean prices, traders said.