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China and U.S. strike back against soaring commodity prices

Beijing unleashes oil reserves while Washington cracks down on food processors

Pumpjacks extract oil at a field in China. The Chinese government will auction 7.38 million barrels of oil from strategic reserves to ease rising petroleum prices.   © Reuters

TOKYO/WASHINGTON/BEIJING -- A surge in commodity prices has worried both China and the U.S., pushing each side to intensify efforts to combat the trend.

For the first time ever, the Chinese government will release part of the country's strategic oil reserves into the market, conducting a bid for 7.38 million barrels of petroleum on Sept. 24.

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