(27 October 2011 – New Zealand) As an essential role in New Zealand’s trade with China, the Bank of New Zealand (BNZ) announced the availability of a wide variety of CNY related services for its clients.BNZ clients are now able to convert payments and receipts between CNY and NZD directly rather than through another currency (usually USD), and they will have access to spot and forward foreign exchange transactions out to 12 months across a range of CNY currency pairs. In addition, BNZ clients can now hold their CNY funds within New Zealand by opening a CNY Foreign Currency Account with the bank.
BNZ’s Head of Wholesale Banking, Graeme Liddell, says the move to offer these services demonstrates the importance of the manufacturing sector in China on the New Zealand economy and BNZ’s desire to ensure that clients are able to take advantage of current and future opportunities with China.
“Demand for New Zealand and Australian products from China is forecast to increase over the coming years, reflected in the bank’s growing investment in Asian banking.
“Ultimately this is about allowing a seamless, secure and fast way to do banking. It allows an ease of trade between New Zealand and China that has previously not been there.
“With restrictions on CNY expecting to free up over the next few years, Chinese businesses will increasingly look to transact in their own currency. New Zealand businesses need the capability to transact in CNY to harness the myriad opportunities with this important trading partner,” he said.
The Chinese government has recently introduced new regulations that allow the use of the Renminbi (RMB), the official currency of China, in cross border international trade. Renminbi is referred to as the Yuan with the currency code CNY.