China has announced an initial' export quota of 1,260 tonnes for 2002 (see In the news). Last year's export quota was progressively increased by way of additional' quotas. On the face of it, the development of China becoming a significant exporter of silver, even at low prices, has been a thorn in the side of many silver producers in the West. Despite an average price of 4.12 dollars /oz, Chinese exports totalled a mighty 276t in November (followed by a further 204t in December). Two key developments have prompted the rise in exports of silver from China - sales by the People's Bank of China and market liberalisation. The sales have of course been extremely important. An increase in the proportion of silver being exported through official channels also has merit. But so to has the effects of silver market liberalisation on China's base metals industry.
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