Economy

Chinese corn traders fined for mkt manipulation

(Xinhua)
Updated: 2010-07-01 16:50

BEIJING - Chinese authorities have fined some farm produce traders in Northeast China for conspiring to push prices higher, as the government strives to contain expectations for inflation.

The National Development and Reform Commission (NDRC) said Thursday the traders, including wholesaler Jilin Corn Center Exchange Ltd, have been fined 1 million yuan ($147,000) for market manipulation.

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The produce traders were found to have fabricated and spread false information, according to a statement from the NDRC, China's top economic planner.

The NDRC has been working to prevent inaccurate reports concerning prices.

On June 11, NDRC officials criticized a Beijing newspaper for running an "untrue" story about a garlic speculator who spent millions of his profits to buy gold.