Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Currency agreement will help trade, investment

Currency agreement will help trade, investment


An agreement allowing direct trading of the New Zealand dollar against China’s renminbi will help to build on the growing trade and investment ties between the two countries, Finance Minister Bill English says.

“The agreement announced by the Prime Minister in Beijing last night is a significant and welcome step forward in our economic relationship with China,” Mr English says.

“As the Prime Minister says, it will make doing business with China easier by reducing the costs of converting between the two currencies, and it will further stimulate our already strong trade and investment links.

“Just as the free trade agreement between New Zealand and China has supported a significant increase in two-way trade between our countries, I expect this currency agreement to further deepen our economic relationship,” Mr English says.

Last year alone, trade in goods between New Zealand and China increased by more than 25 per cent to $18.2 billion – making China New Zealand’s top destination for goods exports.

The New Zealand dollar is only the sixth currency to be traded directly with the renminbi, following the US dollar, the Japanese yen, the Australian dollar, the Russian rouble and the Malaysian ringgit.

“This is a welcome conclusion to negotiations the Prime Minister started only last year, which will benefit businesses and investors in both countries,” Mr English says.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Housing Plans: Labour- Abolish Auckland Urban Boundary
The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis. More>>
Greens - State House Solution
The Homes Not Cars policy allows Housing New Zealand to retain its dividend and, in addition, would refund its tax, to spend on the emergency building of around 450 new state houses. More>>

ALSO:

Houses And Taxes: Post-Cabinet, Pre-Budget Press Conference

The Prime Minister said that the pre-budget announcements showed that his Government is “investing in a growing economy”. He re-affirmed the National Government’s commitment to lowering personal tax rates but that any such change must fit with the fiscal reality of the time. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news