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Limit Port Speed in OpenVZ (Traffic Shaping)

Hi All,
I'm looking for the best method of limiting a VPS's Port Speed in OpenVZ

I need to be able to limit the uplink and downlink of a VPS as basic as possible i.e.

uplink=10240kb/s
downlink=102400kb/s

500 Points. Need this urgently.
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woolmilkporc
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ASKER

I've been through this and tried everything possible to no avail it simply wont limit the speed of the VPS.