NZ dollar drops vs. greenback, gains vs, yuan after Bank of China devalues currency

Tue, 11 Aug 2015

By Jonathan Underhill Aug. 11 (BusinessDesk) - The New Zealand dollar fell after China devalued the yuan, stoking concern economic growth is weaker than expected in the nation's biggest trading partner. The kiwi traded at 65.52 US cents as at 5pm in Wellington, down from 66.10 cents late yesterday. The currency rose to 4.1396 yuan from 4.1033 yuan. China is the biggest two-way trading partner with New Zealand and the second-largest export market after Australia, which in turn counts China as its biggest market. That leaves both the kiw...

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