NZ dollar hits 2-yr low as signs of Chinese currency management knock already weak kiwi

Wed, 27 Jun 2018

By Paul McBeth June 28 (BusinessDesk) - The New Zealand dollar dropped to a two-year low as growings signs China will manage its currency as part of a package to manage slowing growth added to the kiwi's downbeat tone after yesterday's weak business confidence reading. The local currency fell as low as 67.76 US cents, trading at 67.91 cents at 8am in Wellington from 68.50 cents yesterday. The trade-weighted index dropped to 72.73 from 73.07 yesterday. The People's Bank of China published a weak reference rate for the yuan yesterday, wh...

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