November 13, 2008

Grain purchase to reach US$4.28 billion in Heilongjiang, China


China's Heilongjiang expects grain purchase to hit the US$4.28 billion (RMB29.2 billion) mark.


The Heilongjiang branch of the Agricultural Development Bank of China, one of the three policy banks in the nation, has prepared enough capital for the purchase of autumn grains, which added RMB5.8 billion over a year earlier, said Zhu Yuanyang, president of the policy bank.


By far, 634 companies in Heilongjiang have gained approval of obtaining a total of RMB49.1 billion loans in the purchase of autumn grains, including 114 state-owned grains purchase and sale companies appointed by the local government.


This year, the nation will buy 2.4 billion kg of rice at RMB1.84 per kg and 1.2 billion kg of corn at RMB1.44 per kg in the province for temporary reserves and 1 billion kg of soy at RMB3.7 per kg for the central reserves, according to a report on November 10, 2008.


RMB1 = US$0.1464 (November 13, 2008)

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