News last update:6 Aug 2012

Less export advantages for Chinese grain

China will scrap the 13% tax rebates on exports of grains, including maize, wheat, rice and soybeans. This way, China wants to discourage sales abroad amid worries over the country's rising food prices.

The rebates would be removed from December 20, the finance ministry said in a statement posted on its website. The move came after the consumer price index rose to an 11-year high in November, largely driven by rising food prices, reported Reuters.

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