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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (46574)	1/3/2000 8:46:00 AM
From: lorne	Respond to of 116767

Report: China Expected to Restrict Silver Imports The Associated Press Jan 3, 2000 - 07:46 AM SHANGHAI, China (AP) - China is expected to restrict silver imports to protect its new silver exchange due to open Tuesday in Shanghai, the official media reported Monday. The opening of the Shanghai exchange will end the policy of the government fixing silver prices. Although the market will set prices for domestically produced silver, it initially will be closed to foreigners. Any silver import limits will require central bank approval, the newspaper China Economic Times said Monday. China has had a surplus of domestically produced silver since the 1990s, forcing the central bank to channel excess supplies into its reserves. Official figures show annual production of about 1,450 tons, while consumption is about 900 tons. The end of price controls on silver is regarded as a step toward similar changes in controls on gold, whose domestic price is controlled by the central bank. Letting foreigners into its market for the two metals would require China to let its currency trade freely. Currently, the yuan is convertible only for trade and foreign currency reserves are strictly controlled. ap.tbo.com