COOL IT: China’s statement reflects its mounting concerns over soaring commodity prices, which have been turbocharged by the country’s industrial recovery. Picture: Getty Images/Sean Gullup
COOL IT: China’s statement reflects its mounting concerns over soaring commodity prices, which have been turbocharged by the country’s industrial recovery. Picture: Getty Images/Sean Gullup

Too hot to handle

The iron ore price fell sharply this week after China signalled that it would focus on efforts to cool soaring prices, warning of "excessive speculation".

The National Development & Reform Commission, China’s economic planning agency, said it would crack down on monopolies in commodities markets and on hoarding. The main futures contract for iron ore fell 7% on Monday to $163a ton.

Financial Times

Crypto bust

Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a clampdown on bitcoin mining and trading. This hammered digital currencies amid heightened global regulatory scrutiny.

It was the first time China’s cabinet has targeted virtual currency mining, a sizable business in the world’s second-biggest economy that some estimates say accounts for as much as 70% of the global crypto supply.

Reuters

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