NZ dollar declines as investors exit higher risk trades on Chinese slowdown fears

NZ dollar declines as investors exit higher risk trades on Chinese slowdown fears
By Tina Morrison Sept. 2 (BusinessDesk) - The New Zealand dollar fell after weak Chinese factory data yesterday raised concerns about a slowdown in Asia's largest economy. The kiwi dropped to 63.31 US cents at 8am in Wellington, from 63.74 cents at 5pm yesterday. The trade-weighted index slipped to 68.70 from 68.91 yesterday. Investors sold higher-risk currencies such as the kiwi in favour of the safe-haven yen and Swiss franc after a report showed China's manufacturing sector contracted at its fastest pace in three years in August, st...