September 25, 2009

China's policy bank moves to stabilise domestic grain markets

In an effort to ensure the smooth operation of the grain market, the Agricultural Development Bank of China (ADBC), one of China's three policy banks, has significantly increased its loans to enterprises for their procurement of summer grains and oilseeds this year.

By September 10 this year, ADBC had granted loans of RMB122.2 billion (US$17.9 billion) to enterprises for the purchase of 63.9 million tonnes of summer grain, an on-year increase of RMB9.7 billion.

The loans include RMB96 billion for wheat purchases, RMB16.8 billion for rapeseed and RMB9.4 billion for early rice.

US$1=RMB6.829 (Sep 25)