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

 


China and NZ launch direct currency trading

China and NZ launch direct currency trading

Prime Minister John Key and China’s Premier, Li Keqiang, today announced the launch of direct trading of the New Zealand dollar against the Chinese renminbi in the Chinese onshore market.

Mr Key is in Beijing on the first day of his official visit to China, and met Premier Li Keqiang at the Great Hall of the People.

“It’s great to have been in Beijing to witness the conclusion of negotiations to launch direct trading of the New Zealand and Chinese currencies, which I kicked off during talks with President Xi on the margins of the Bo’ao Forum in April 2013.

“I am delighted that the project has been brought to a successful conclusion so quickly. It highlights the strong relationship and goodwill between New Zealand and China,” says Mr Key.

Mr Key says this important step will make doing business with China easier by reducing the costs of converting between the two currencies, and will stimulate trade and investment.

“Direct trading will also increase the integration between the New Zealand and Chinese financial systems, and deepen the economic relationship between the two countries. During 2013, trade in goods between China and New Zealand was worth $18.2bn, up 25.2% on the previous year. China is now New Zealand’s top destination for exports of goods,” says Mr Key.

The New Zealand dollar is only the sixth currency to be directly traded with the renminbi. The other currencies are the US dollar, Japanese yen, Australian dollar, Russian rouble and Malaysian ringgit. Previously, organisations that needed to trade the New Zealand dollar against the renminbi had to do so indirectly with two trades against a third currency, usually the US dollar.

The Prime Minister says the New Zealand government continues to work with New Zealand banks, other financial institutions, and exporters and importers who trade with China, to raise awareness of the benefits of pricing in the two currencies and how direct trading can help.

“Today’s announcement will further reduce the costs of trade and investment transactions between New Zealand and China, increasing the ease of doing business for the benefit of businesspeople in both countries,” says Mr Key.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Greens Proposal To Gradually Lift The Minimum Wage

Heading into the election home stretch, voters have a clear choice about the best way to help low and middle income New Zealanders. They can do so by gradually lifting the minimum wage (as the Greens propose) or by a small tax cut, as the government seems about to announce.

The minimum wage boost – by 75 cents an hour to $15 in December, and then by gradual annual increments to $18 an hour by 2017 – that the Greens are talking about is just one part of a packet of employment measures that would include scrapping youth rates and the 90 day trial period, introducing a redundancy package of four weeks, offsetting any abatement effect of the policy package for those receiving Working For Families, and finally… ditching the exception made by the government (during the Hobbit negotiations) for workers in the screen industry, which denies them normal workplace safeguards and entitlements. More>>

 

Parliament Today:

2014 General Election: Voting Period Begins

The first votes for the 2014 general election will be cast today, Wednesday 3 September, as advance voting begins ahead of election day on Saturday 20 September. More>>

ALSO:

Two Dead, One Injured: Suspect Charged After Ashburton Shooting

Russell John Tully has appeared in Christchurch District Court. Tully has been remanded in custody on charges of murder of Peg Noble and Leigh Cleveland and attempted murder of Lindy Curtis. More>>

ALSO:

John Key Press Conference: Ashburton Shootings, Judith Collins Inquiry

Prime Minister John Key has delayed the release of Nationals’ fiscal policy in light of this morning’s shooting at a Work and Income office in Ashburton... Key also answered questions about Judith Collins, and confirmed that independent inquiry will be held with regard to allegations made against Collins. More>>

ALSO:

Internet MANA: Georgina Beyer Rocks The Waka

“There is now, and always will be, a range of views about many issues within our movement and members are free to express them, but Georgina’s views on Kim Dotcom are not shared by the MANA Movement leadership or the vast majority of MANA members and supporters around the country” states MANA Candidate for Waiariki, Annette Sykes. More>>

ALSO:

IGIS Update: Inquiry Into Release Of NZSIS Information

The Inquiry would be conducted in private and individuals would appear before her separately over a period of more than a week. She does not intend to name those summoned to give evidence until her report is published. “I can confirm that all persons summoned will be required to appear under oath...” More>>

ALSO:

Gordon Campbell:
On John Key’s ‘Blame It On Judith’ Strategy

Right now, Prime Minister John Key seems intent on limiting the scope of any inquiry into his government’s dealings with Cameron Slater. The declared aim is to make that inquiry solely about Judith Collins’ behavior with respect to the Serious Fraud Office. More>>

ALSO:

Maori Council Lawyers' Statement: Supreme Court Decision On Maori Water Rights

“…the Supreme Court refused to give Pouakani people what they asked for, but may have given them something much, much better instead… the Supreme Court has questioned whether the Crown owns the River at all.” More>>

ALSO:

Gordon Campbell: On The Debate, And The Collins Accusation

Debating is a peculiar discipline in that what you say is less important than how you’re saying it. Looking poised, being articulate and staying on topic generally wins the day – and on that score, Labour leader David Cunliffe won what turned out to be a bruising encounter with Prime Minister John Key last night on TVNZ. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news