As analysts keep a close eye on rumored soybeans buys from China late last week, China has issued new rules when it comes to monitoring commodity prices as the country battles to contain inflation.
Officials in China say the country will issue new rules on the management of price indexes for commodities and services after inflation in the country recently hit its highest mark in more than 12 years. And it’s largely due to increasing commodity costs.
Right now, China’s commodity markets are serviced by mostly private index providers. They sell price data on major raw materials such as grain, metals and oil products.
The new measures are set to go into effect August 1, 2021.