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Chinanews, Hanghzou, October 24 – Being the biggest petty commodities market in the world, Yiwu now regularly publishes its own indexes on such commodities to make itself the price decider in the international market.
Yiwu published the first indexes on October 22, 2006, since then 50 weekly price indexes, 11 prosperity indexes and 11 monthly price indexes have been released. Now the Yiwu petty commodities indexes are called the “Dow Jones” in this field. “Yiwu has the most complete petty commodities market in the world, and thus its price information is the most trustworthy,” said Ben, a businessman from Yemen. Ben does his business and negotiations1 according to nothing but the Yiwu price indexes, so do many other businesspeople from Yemen, too. “Before we published the Yiwu indexes, we had no right to decide the price of commodities, and we must obey the price level offered by buyers, no matter how low it was. At that time, the profit was rather slim. Though there had been a large quantity of petty commodities exported from China, they had not made China rich,” said Huang Hai, Assistant Minister of Commerce.
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