- Chinese Embassy in Canada has confirmed that China has halted Canadian meat imports.
- USD/CAD is trading 20 pips higher on the Asian sessions between 1.3164 and 1.3186.
The Chinese Embassy in Canada has confirmed that China has halted Canadian meat imports after pork was found with ractopamine residue. This is weighing on the Loonie lifting Funds. USD/CAD is now trading 20 pips higher on the Asian sessions between 1.3164 and 1.3186.
Reuters explained that China will turn away any “meat products” shipped from Canada starting on Wednesday, according to a report in Le Journal de Montreal, citing an official in the office of the Chinese consulate general in Montreal:
The justification for the total block is that China said it had found a number of fake veterinary health certificates for meat products imported from Canada because of poor supervision, the newspaper said. According to Le Journal de Montreal, Chinese diplomats said they hope Canada will take the necessary steps to “reduce the negative impact on the reputation of its products in order to restore the confidence of Chinese consumers.” The Chinese consul’s office in Montreal could not be immediately reached for comment. The spokeswoman for Canadian Agriculture Minister Marie-Claude Bibeau said she would comment shortly.
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