NZ dollar extends decline as PBOC devalues yuan, spooking investors

Wed, 06 Jan 2016

By Paul McBeth Jan. 6 (BusinessDesk) - The New Zealand dollar extended its decline after the People's Bank of China unexpectedly devalued the yuan, stoking fears the strength of the world's second-biggest economy may be wavering. The local currency fell to 66.53 US cents at 5pm in Wellington from 66.93 cents at 8am, and 67.39 cents at 5pm. The kiwi declined to 4.3545 Chinese yuan from 4.3926 yuan yesterday. China's central bank lowered its reference rate for a seventh day, devaluing the yuan against the greenback by about 0.3 percent...

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