Monday, April 22, 2024

Currency move with China in pipeline

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New Zealand traders may soon be able to do business with China in New Zealand dollars instead of having to convert to the Greenback first.
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Prime Minister John Key has confirmed officials from both countries are working on allowing kiwi dollars to convert directly to the Chinese renminbi and he says they are aiming for a swift result.

The United States, Japan and Australia can already exchange their currencies directly with the renminbi, which is centrally managed against a basket of currencies.

Key raised New Zealand’s interest in the move on his recent visit to China, which is now the country's biggest trading partner, and he said it would create more opportunities than issues.

Australia had made it a well-trodden path.

“The indications I got from the Chinese side was that it’s eminently possible for us to do it quite quickly because they’ve agreed (it) with Australia and they’d like to agree it with New Zealand,” Key said.

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