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

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news