February 14, 2012

Sinograin eyes overseas trade agreement

Sinograin (China Grain Reserves Corp) has sought the Chinese government's authorisation to trade on overseas commodity exchanges to hedge risks, according to local news over the weekend.

The State-owned Assets Supervision and Administration Commission has yet to approve the request, the newspaper said, quoting sources.

Sinograin also needs to get approval from the National Development and Reform Commission and the Ministry of Commerce, it said.

Sinograin spokesman Cheng Bingzhou said Monday (Feb 13) that he wasn't aware of the application.

Currently, only 31 state-owned enterprises have secured regulatory approval to trade futures overseas and most of them trade in metals and fuels.