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The New Zealand currency already benefited from the fast growth of China’s economy as China is one of major trading partner of New Zealand. The stronger Chinese economy means more imports in China, this in turn means more profits for New Zealand exporters. The stronger yuan also should help Chinese imports, further bolstering New Zealand exports.
The analysts say that the stronger Chinese currency should benefit the kiwi also by the improving the risk sentiment on the global markets. The kiwi’s gains against other majors showed the optimism, though the NZ dollar fell against its U.S. counterpart after rising to the highest level in more than a month.
NZD/USD fell to 0.7091 as of 16:47 GMT today after opening at 0.7114 and reaching 0.7151, the highest level since May 14th. EUR/NZD dropped to about 1.7392 from its opening level of 1.7449. NZD/JPY traded near 64.53.
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