China Grain Reserves Corp., the manager of state grain inventories, is seeking government approval to trade in overseas futures markets, the China Business Journal said today.
China Grain Reserves, commonly known as Sinograin, plans to trade in overseas commodities markets to help hedge against its physical market positions and lower risks, the report said, citing unidentified officials close to the state-owned Assets Supervision and Administration Commission.
The company needs approval from the commission as well as from the Ministry of Commerce and the National Development and Reform Commission before it can trade in overseas futures markets, it said. A call to the media relations department of the company was not answered.
— With assistance by Feiwen Rong