NZ dollar rebounds in absence of feared yuan devaluation

Mon, 26 Aug 2019

By Jenny Ruth Aug. 26 (BusinessDesk) - The New Zealand dollar rebounded from its lowest level against the greenback since 2015 after the People’s Bank of China didn't severely devalue the yuan, as many had feared, in retaliation to US President Donald Trump escalating the two nation's trade dispute. In the event, the Chinese central bank set its currency at a rate of 7.0570 to the US dollar, compared with 7.0572 on Friday. The yuan is allowed to trade within 2 percent of the daily setting. The kiwi was trading at 63.75 US cents at 5pm...

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