NZ dollar jumps as China weakens the yuan

Mon, 10 Oct 2016

By Edwin Mitson Oct. 10 (BusinessDesk) - The New Zealand dollar strengthened sharply against the yuan after the Chinese central bank set its midpoint for trading between its currency and the US dollar at 6.7 yuan to the dollar, the lowest level in five years. Tim Kelleher, head of institutional foreign exchange sales at ASB Bank in Auckland said it was the "weakest currency pegging since September 2010. The kiwi was higher earlier on in response, but has since slipped back a bit." Monday is the first day of trading in Chinese markets...

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