China, New Zealand begin direct currency trading
WELLINGTON, New Zealand China on Wednesday allowed its currency to be directly traded with the New Zealand dollar in another step toward allowing greater international use of the yuan.
New Zealand Prime Minister John Key announced the start of trading during a trip to China.
Previously, a company that needed to trade New Zealand dollars for Chinese yuan in China had to use a third currency, typically the U.S. dollar.
New Zealand allows open trading of its currency. China has strict capital controls which allow it to control the value of the yuan, an important economic and political tool in... read more
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