China said to boost strategic commodities reserves in next five-year plan – Bloomberg

Dhwani Mehta FXStreet

In its next five-year plan, China is said to bump its massive state reserves of crude, strategic metals and farm goods, Bloomberg reports, citing officials familiar with the matter.

China is looking to ensure stockpiles are plentiful enough to withstand supply disruptions that could cripple its economy, the officials added.

This comes after Beijing reported last week that it is planning a sweeping set of policy changes to its 3rd generation semiconductor industry for the next five years through to 2025.

Market reaction

The above report had little to no impact across the commodities board, with Gold on the back foot around $1945 while WTI consolidates the bounce around the $38 mark.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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