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

 

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