China has begun temporary purchase and storage of cotton for the new season from Thursday.
A notice to the effect has been issued by the Economic Planning Division under the Ministry of Finance and the Economic and Trade Division under the National Development and Reform Commission.
The notice mentions that the price of cotton in the local market has been for five consecutive days below 19,800 Yuan/ton, a price announced by the Government for temporary purchase and storage of cotton for the 2011 season.
Hence, in accordance with the Government directives it is required to start temporary purchase and storage of cotton.
Fibre2fashion News Desk - China
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