A weaker yuan spells pain for NZ exporters

NZ will be hurt by weaker Chinese consumer demand. (Image: Getty)

Mon, 31 Oct 2022

New Zealand’s trading relationship with China will come under increasing pressure if the yuan continues to tumble, taking a bite out of Chinese consumers’ purchasing power. Last week, China’s yuan traded at around ¥7.31 a US dollar, the weakest it has been since late 2007 and 1.99% weaker than the People’s Bank of China’s official fixing. The currency can float 2% above or below the official fixing. The move came as China continues to implement its zero-covid strategy and as Xi Jinping consolidated po...

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