China to show ‘zero tolerance’ towards commodities hoarders | Business and Economy News
China stepped up its fight against soaring commodities prices, summoning top executives to a meeting that threatened severe punishment for violations ranging from excessive speculation to spreading fake news.
The government will show “zero tolerance” for monopoly behavior and hoarding, the National Development and Reform Commission said after leaders of top metals producers were called to a meeting in Beijing with multiple government departments on Sunday. The push to rein in surging metals prices rippled across markets — with steel dropping as much as 6% and iron ore tumbling by close to the daily limit — before prices steadied.
The warning from the NDRC comes as a broad surge in commodities prices fuels fears that faster inflation could dent economic growth in China and beyond. Investors have been piling into industrial metals on bets that the world will rebound strongly…