China-NZ currency conversion deal applauded

The landmark deal between China and New Zealand that now allows the direct trading of the two countries’ currencies is being seen as good news.

The landmark deal between China and New Zealand that now allows the direct trading of the two countries’ currencies is being seen as good news. The deal, which took effect on Wednesday, ends the need to convert Chinese yuan or New Zealand dollars via US dollars when making or receiving payments. The move will cut costs. Zhang Yuanyuan, former Chinese ambassador to New Zealand, told China Daily the deal will encourage more Chinese traders, students and tourists to interact with the country.