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Commodities

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.

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