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Weights for new Trade-Weighted Index

15 December 2014

Weights for new Trade-Weighted Index

The Reserve Bank is changing the way it calculates the trade-weighted index (TWI), as previously announced in October.

As of Wednesday 17 December 2014:
• the number of currencies included in the TWI will be increased from five to 17;
• the weights for each currency will be based on the two-way trade in goods and services between the foreign country and New Zealand;
• the TWI-17 will have a base of 31 October 2014 = 76.4400, which was the level of the existing TWI-5 on that day; and

The new TWI-17 has been backdated to January 1984.

TWI-17 weights for the next 12 months are:

CurrencySymbolTWI-17
Weights
Australian dollarAUD0.2198
Chinese yuanCNY0.2009
United States dollarUSD0.1234
Euro zone euroEUR0.1087
Japanese yenYPY0.0631
Singapore dollarSGD0.0434
United Kingdom poundGBP0.0434
South Korean wonKRW0.0397
Malaysian ringgitMYR0.0328
Thai bahtTHB0.0258
Indonesian rupiahIDR0.0180
Indian rupeeINR0.0149
Taiwanese dollarTWD0.0174
Canadian dollarCAD0.0147
Hong Kong dollarHKD0.0133
Vietnamese dongVND0.0104
Philippines pesoPHP0.0103
Scaling factor 76.4400
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Technical information about the TWI is available on our website. www.rbnz.govt.nz/statistics/tables/b10/

An issue of the Reserve Bank Bulletin, scheduled for publication on Wednesday 17 December, will also include an article about the methodology used to calculate the TWI-17.

The Reserve Bank will continue to update the TWI-5 for the coming year. The TWI-5 and the weights and scaling factor used to calculate it are available on our website. www.rbnz.govt.nz/statistics/tables/b11/

ENDS

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