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

 


Treasury welcomes NZ dollar­–renminbi direct trading

Treasury welcomes NZ dollar­–renminbi direct trading

Treasury Secretary Gabriel Makhlouf has welcomed Prime Minister John Key’s announcement on direct trading of the New Zealand dollar and the renminbi.

“The agreement on direct trading of the dollar and the renminbi follows considerable work by the New Zealand Treasury and the People’s Bank of China. It is great to have this work come to fruition,” says Mr Makhlouf.

“The Treasury has been discussing and finalising the details of this agreement with Chinese officials, the Reserve Bank of New Zealand and New Zealand financial institutions since September last year.

“There are several economic benefits we see flowing from direct dollar–renminbi trading. Over time we expect increased integration of Chinese and New Zealand financial markets, reduced transaction costs, and improved efficiency of trade and cross-border capital flows.

“In recent years we’ve signed a highly successful free trade agreement between our two countries and a currency swap agreement between the People’s Bank of China and the Reserve Bank. This is another major milestone in expanding New Zealand and China’s economic relations, says Mr Makhlouf.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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