NZ dollar declines on concerns over Chinese banking system

Thu, 24 Oct 2013

By Tina Morrison Oct 25 (BusinessDesk) – The New Zealand dollar weakened as investors shun risk in favour of safe haven currencies amid concerns that Chinese banking woes could stymie growth in the world’s second-largest economy. The kiwi slipped to 83.43 US cents at 8am in Wellington, from 84.19 cents at the 5pm market close yesterday. The New Zealand dollar was the weakest performing G10 currency in the past 24 hours, according to Bank of New Zealand. The trade-weighted index declined to 76.65 from 77.29 yesterday. Investors favoured so-c...

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