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

 

PARLIAMENT TODAY:

Royals: The Prince Of Wales And Duchess Of Cornwall To Visit

Prime Minister John Key welcomes today’s announcement that the Prince of Wales and The Duchess of Cornwall will visit New Zealand in November. This will be the second joint visit for Their Royal Highnesses to New Zealand. More>>

ALSO:

Tracey Martin Replaced: Ron Mark Is New New Zealand First Deputy Leader

Clayton Mitchell was the successful candidate for the Associate Whip position. Winston Peters was re-elected as Leader by the Caucus. Ron Mark was elected as the Deputy Leader with effect from 10am, Friday, 3rd July. More>>

ALSO:

Rebuild Rebrand: "Regenerate Christchurch" To Replace CERA

The regeneration of Christchurch will be the city’s focus for the next five years as local leadership progressively takes control of the rebuild, Canterbury Earthquake Recovery Minister Gerry Brownlee says. More>>

ALSO:

Nauru: Scholars Urge Minister To Act On Deteriorating Democracy

“Since the 2013 election in Nauru, there has been a series of disturbing developments on the islands that indicate a severe deterioration in the state of its parliamentary democracy and in the rule of law,” say the scholars. More>>

ALSO:

Foreign Affairs: NZ Begins Presidency Of UN Security Council

Prime Minister John Key has welcomed the start of New Zealand’s month-long Presidency of the United Nations Security Council in New York. More>>

ALSO:

Labour: Cash For Charter Schools, Mould For State Schools

“Recently released financial statements show the Whangarei charter school He Puna Marama received $3.9 million in government funding to the end of last year. Yet their audited accounts show they only spent $1.4 million on education, leaving almost $2.5 million over two years unaccounted for." More>>

ALSO:

Kiwirail Plans Shift From Electric: National Urged Not To Take Backwards Step

The National Government shouldn’t drag New Zealand backwards by replacing its climate friendly electric trains with carbon-polluting diesel trains, the Green Party said today. More>>

ALSO:

Capital Connection:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news