NZ dollar drops to six-year low as traders drive China's yuan lower

Wed, 12 Aug 2015

By Paul McBeth Aug. 12 (BusinessDesk) - The New Zealand dollar dropped to a six-year low as investors latched onto a new regime in China where regulators will let the yuan trade more freely, devaluing the currency and putting pressure on nations which export to the world's second-biggest economy. The kiwi fell as low as 64.70 US cents, trading at 64.87 cents at 5pm in Wellington from 65.42 cents at 8am and 65.52 cents yesterday. The local currency advanced to 4.1695 Chinese yuan from 4.1396 yuan yesterday. China's currency extended its...

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