NZ dollar drops sharply after China devalues yuan

Tue, 11 Aug 2015

By Tina Morrison Aug. 11 (BusinessDesk) - The New Zealand dollar dropped sharply after China's central bank devalued the yuan following recent poor economic data, which will help exporters in Asia's largest economy. The kiwi dropped as low as 65.50 US cents, from 66.27 cents at 1pm, and was recently trading at 65.60 cents. The kiwi rose against the yuan following the statement. It was recently trading at 4.1341 yuan from 4.1150 yuan at 1pm. The yuan fell to its lowest point in almost three years after the People's Bank of China said it...

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