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One area that had bothered Key was the fact that Australia has stolen a march on New Zealand when it comes to moving to direct convertibility of its currency against the Chinese yuan.
On his way to Boao, he read a NZ Treasury briefing, talked with his luncheon partners about the potential for New Zealand to follow Australia, then directly put it to Xi that New Zealand wanted to go down the same path.
Key relates that Xi then looked to Xu for affirmation. The nod was given. The upshot is that officials from both sides have been directed to take the proposal forward.
It probably does make sense for New Zealand to follow in Australia's footsteps on this one. The People's Bank of China had granted licences to Westpac and ANZ to be market makers in the direct trade.
http://www.nzherald.co.nz/busine ... p;objectid=10876490 |
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