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China to Auction Off Large Grain Reserves
China will auction off 600,000 tons of grain reserves through public bidding in this north China port city next week, the largest amount for 50 years.
More than 100 bidders are expected to participate in the auction, which will be backed by a wireless bidding system and a huge display screen.
Most of the grain reserves are barley imported from Canada, the United States and Australia. They are stored in 12 provinces and cities, including Tianjin Municipality, and Hebei and Shandong provinces.
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