Breaking News-RTRS-China's 2010 budget reins in stockpiling largesse
Posted by Labels: Trader's highlightBEIJING, March 5 (Reuters) - China's 2010 budget has watered down last year's specific commitment to earmark funds to build commodity reserves, replacing it with a smaller sum allocated to funding the "interest and costs" associated with stockpiling.
A year ago, the 2009 budget unleashed government spending that supported not only Chinese firms but also producers overseas, who found in China a life-saving replacement for their own markets, which had all but collapsed in the global financial crisis.
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