China is far from normalizing soy-oil purchases in Argentina since it has not placed new orders according to the Argentina Cooking Oil Industry Chamber, CIARA. However the industry has managed to diversify markets.
China and Brazil on Tuesday clinched a host of government agreements and economic deals in Beijing to enhance their strategic partnership as Brazilian President Dilma Rousseff paid her first state visit to China.
China opened its market to Brazilian pork and Brazil’s meat packer Marfrig said it would invest heavily in distribution centres in China. The announcements were made in Beijing where a numerous government and private sector delegation headed by Brazilian president Dilma Rousseff is on an official visit to China.
China will invest in Spain’s savings-bank industry and continue buying public debt, a Spanish government official cited Chinese Premier Wen Jiabao as telling Prime Minister Jose Luis Rodriguez Zapatero at a meeting Tuesday in Beijing.
President Rousseff arrived in Beijing Monday to begin a state visit to China that will incorporate Thursday’s summit of BRIC leaders. However Ms Rousseff’s trip to China is symbolically important since it is her first overseas visit outside Latin America and underlines the growing importance of the Brazil/China relationship, points out Capital Economics.
China plans to invest ten billion US dollars in the production, storage and transport of soybeans in Brazil to ensure the supply of the commodity of which it is the world’s main importer, according to press reports in Beijing.
China on Sunday reported a surprise quarterly trade deficit of 1.02 billion US dollars, the first in six years as it settles to rebalance its export oriented economy to boost domestic consumption in the next five years.
China’s central bank announced Tuesday it would raise the benchmark one-year borrowing and lending interest rates by 25 basis points beginning Wednesday. This is the second time that The People’s Bank of China raises the benchmark interest rate this year and the fourth such increase since the start of last year.
Nearly half of China's 1,176 dairies are being shut down after failing to obtain new licences, the country's quality inspection agency says. It says that 533 dairy producers have been ordered to halt productions after a government safety audit.
Brazilian president Dilma Rousseff and her Chinese peer Hu Jintao will address the Libyan crisis and other issues related to the Chinese currency, Yuan, which has Brazilian manufacturers most concerned, anticipated the Brazilian Foreign Affairs ministry.