Wednesday, October 12, 2011

Tighter credit policy in China to impact polyolefin market

Buying interest for olefins has dampened in China. This can be partly attributed to the new monetary policy introduced in China on September 19 that restricts the opening of letters of credit (LC). Ass per ICIS, under the new policy, the local State Administration of Foreign Exchange stated that China's five state-owned commercial banks were forbidden to draw LC at 30-90 days from September 20-30 in Ningbo.

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