21 August 2019

China, New Zealand start direct currency trading, WSJ says

Chinese authorities have announced that direct trading between the renminbi and the New Zealand dollar will kick off on Wednesday, the Wall Street Journal reported Tuesday. The People’s Bank of China (PBoC) will announce a daily central parity of the Chinese currency against the New Zealand Dollar around 0145 GMT, the China Foreign Exchange Trade System, an arm of the PBoC, was quoted as saying in a statement Tuesday. New Zealand’s currency is the sixth to be directly traded with the renminbi, after the US dollar, Japanese yen, Australian dollar, Russian ruble and Malaysian ringgit. The move ends the need for companies and currency traders to convert New Zealand dollars or yuan into a third currency when making or receiving payments, the Journal noted.

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