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

 

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