China's wheat market stable amid summer harvest

BEIJING, July 3 (Xinhua) -- China has ensured a stable wheat market while maintaining its wheat purchase level amid efforts to facilitate the summer harvest.

As of June 30, enterprises across China's major grain-producing regions have purchased about 25 billion kg of wheat, data from the National Food and Strategic Reserves Administration showed Monday.

The purchase price for wheat in major grain-producing regions averaged 2.76 yuan (about 0.38 U.S. dollars) per kg, the administration said, expecting the price to remain stable in the future.

Despite adverse meteorological conditions, China is making multi-pronged efforts to safeguard grain security. As a move in the direction, the Agricultural Development Bank of China has issued 110 billion yuan of credit to support the purchase of summer grain.