New Zealand's Fonterra fined in China after price review

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New Zealand-based Fonterra Co-operative said on Wednesday it had been fined NZ$900,000 ($705,000) by China's top economic planning agency after a review of pricing practices for consumer dairy products in mainland China.

"We accept the NDRC's (National Development and Reform Commission) findings and we believe the investigation leaves us with a much clearer understanding of expectations around implementing pricing policies, which is useful as we progress our future business plans," Kelvin Wickham, President of Fonterra Greater China and India, said in a statement.

(Read more: New Chinese milk scandal - this time with a Western culprit)

Units in the Fonterra Shareholders Fund last traded up 1.1 percent at NZ$7.03.

The company is currently embroiled in a contamination scare over some of its products exported to eight countries, including China.