Shanghai opens gold exchange

CHINA - China's gold markets will reach a milestone today with the low-key opening of a new exchange in Shanghai to trade the precious metal, which has been controlled by a rigid state monopoly for more than five decades.

But the long-awaited event was marred by confusion last night, caused by a last-minute announcement by China's central bank that the initial trading would only be "simulated" to test the exchange's systems.

The exchange is expected officially to begin trading next month or ear

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