China to release fifth batch of pork reserve to stabilize price

Chinese authorities will release the fifth batch of pork into the market from central reserves to maintain supply and price stability, the country's top economic planner said Sunday.

The price of hogs has been running at a relatively high level recently, according to the National Development and Reform Commission (NDRC).

The NDRC said domestic hog production capacity is generally reasonable and abundant, hence the price of hogs does not have a basis for sustained hikes.

By 2 p.m. Saturday, the average wholesale price of pork went up 2.5 percent from last Friday to 32.81 yuan (about 4.62 U.S. dollars) per kg, data from the Ministry of Agriculture and Rural Affairs showed.

The NDRC said it would pay close attention to hog supply and demand as well as price trend, continue to release pork reserves, and increase pork releases if necessary.