Direct trading between the Chinese yuan and New Zealand dollar will start from Wednesday, China’s central bank said Tuesday.
The central bank will announce a daily central parity of the yuan against the New Zealand Dollar around 0145 GMT, the China Foreign Exchange Trade System said in a statement on its website. The system is an arm of the central bank.
New Zealand’s currency is the sixth to be directly traded with the renminbi, after the U.S. dollar, Japanese yen, Australian dollar, Russian ruble and Malaysian ringgit.
The move ends the need for companies and currency traders to convert New Zealand dollars or yuan into a third currency when making or receiving payments.
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Liyan Qi, Wall Street Journal via CHINA US Focus http://ift.tt/1hwDTYI
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