China's first electronic trading platform for textiles export licenses went online on Tuesday (6 June) to help ease the process of buying and selling quotas.

The website, which is sponsored by the Shanghai Foreign Economic Relations and Trade Commission, should also avoid the problem of fluctuating prices, which occurs when agents hoard quotas, and cut the time for authorities to examine and approve quotas from five days to two days.

The European Union and the United States reimposed quotas on some Chinese textiles exports last year.

Exporters are allocated a certain number of quotas and can sell surplus quotas or bid for more if required.