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

 


ANZ granted licence for direct NZD-CNY trading

ANZ granted licence for direct NZD-CNY trading


- ANZ China to act as market maker -

ANZ today announced The People's Bank of China has approved its licence to act as a market maker for NZD-CNY direct trading on the China Foreign Exchange Trading System, following an agreement between the New Zealand and Chinese Governments to allow banks to directly trade the two currencies.

Commenting on the agreement, ANZ China CEO Dr Charles Li said: “Direct NZD-CNY trading has economic, trade and investment significance for both countries because it will improve trade flows and reduce costs for companies doing business between New Zealand and China.

“I’m pleased ANZ China has received approval to act as a market maker as the relationship between China and New Zealand continues to develop. As the largest bank in New Zealand with the largest footprint in China, we’re in a unique position to really strengthen trade flows.”

New Zealand and China entered into a Free Trade Agreement (FTA) on 1 October 2008, making New Zealand the first developed country to conclude an FTA with China. Since then, the agreement has helped to remove barriers to trade and deliver significant gains for both parties.

ANZ New Zealand's Managing Director Institutional, David Green, said: “China is now New Zealand’s largest trading partner and a key market for many of our major industries such as dairy products, meat, seafood, wool and education. It’s also a major source of migrants, students and tourists, so Chinese culture makes up an important part of the fabric of our community and enhances business connectivity with Asia.

“As New Zealand’s only bank with a presence in 29 markets across Asia Pacific, we are uniquely positioned to connect our customers across the region. We’re pleased to receive a licence for direct CNY-NZD trading and we look forward to offering direct settlement to our customers in both markets.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news