Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Westpac receives NZD/CNY ‘Market Makers’ Licence in China

Westpac receives NZD/CNY ‘Market Makers’ Licence in China


Possibilities for closer ties between New Zealand and Chinese business took a step closer with Westpac receiving approval from the People’s Bank of China to act as a market maker for direct trading of NZD/CNY on the China Foreign Exchange Trading System.

The ‘market maker’ licence allows direct interbank trading of NZD/CNY meaning reduced transactional costs and over time increased liquidity to currency deals between New Zealand and Chinese trading partners. NZD is only the 4th currency to be granted ‘market maker’ status.

Westpac NZ Chief Executive Peter Clare says today’s announcement helps make trade with China more efficient and will open future opportunities to strengthen the ties between the two countries.

“China/New Zealand trade is a long term growth story. As one of the first banks to offer direct convertibility for mainland China transactions, Westpac plays an important role in this connection, making it easier for our customers to do business in China,” Mr Clare said.

Westpac NZ General Manager Corporate and Institutional Bank Karen Silk says being one of only two Australian/New Zealand banks to offer direct convertibility for mainland China transactions builds on Westpac Group’s Asia strategy and helps seamlessly connect our customers to China.

“Westpac is building opportunities for New Zealand businesses by supporting customers to take part in the growing trade and investment flows in the region.

“This is another example of deepening our capability in strategic regions where we have existing leadership positions and expanding our product and service offering.”

Westpac has been present in China for more than 40 years and has extensive renminbi capability in China and has foreign exchange dealers located in Shanghai.

Westpac’s Asian branch network includes branches in Beijing, Shanghai, Hong Kong, Singapore and Mumbai and a representative office in Jakarta.

Fact Box

· The NZD is the 4th currency to be granted ‘market maker’ status

· The CNY is now ranked by SWIFT as the 2nd most used currency in trade finance

· NZD is 10th most traded currency in global FX markets

Benefits for Kiwi businesses

· Direct convertibility between the NZD/CNY cutting out the need to cross through the USD

· Reduced costs of trading

· Increased visibility of New Zealand business in China

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news