China's pork prices continue to retreat

Pork prices in China continued to edge down last week as supply increased and demand softened, official data showed.

From May 6 to 8, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 40 yuan (about 5.64 U.S. dollars) per kg, down 5.9 percent week on week.

The price retreat came as the government has been taking multi-pronged measures to boost supply, including releasing frozen pork reserves and expanding imports.

To soften the impact of the novel coronavirus outbreak, China has ramped up financial support, including subsidies and loans to major pig-producing counties to restore production.