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

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