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BEIJING, May 28 (Reuters) – The China Securities Regulatory Commission (CSRC) pays great attention to commodity price fluctuations and has been cracking down on irregularities in the futures market, it said on Friday, amid worry about higher prices being passed on to consumers.
“CSRC will help manage commodity prices in coordination with other government bodies,” CSRC spokeswoman Gao Li told a media briefing.
The assurance comes after commodity prices touched record highs in recent weeks raising concerns in Beijing. Regulators have repeatedly pledged tougher inspections of physical and derivatives markets, and crackdowns on speculation and hoarding.
Commodities prices have surged this year on rising demand as lockdowns to curb the COVID-19 pandemic have eased and government stimulus has boosted consumer spending globally. China is the world’s top consumer for many commodities including copper, coal and iron ore.
Premier Li Keqiang said on Monday that the government would strive to prevent rising commodity prices being passed on to consumers. (bit.ly/3bRYvjc)
China’s banking regulator has banned banks from selling commodities-linked products to retail buyers and has asked lenders to unwind their books for these products. (Reporting by Jenny Su and Shivani Singh; editing by John Stonestreet, Robert Birsel)
