Economics
Yuan Starts Direct Trading With Kiwi Dollar in Shanghai
This article is for subscribers only.
China started direct trading between the yuan and New Zealand’s dollar today as the world’s second-largest economy promotes usage of its currency in global trade and finance.
The move will help reduce foreign-exchange transaction costs between the two nations, the People’s Bank of China said on its website yesterday. The central bank set a reference rate for the currency pair of 5.2899 per New Zealand dollar today and yuan moves in Shanghai are limited to 3 percent on either side of the fixing. The onset of direct trading coincides with a visit to Beijing by New Zealand Prime Minister John Key.