The approval of ANZ’s licence follows an agreement between the New Zealand and Chinese governments to allow banks to trade the two currencies directly.
ANZ China chief executive Charles Li said direct NZD-CNY trading has “economic, trade and investment significance for both countries because it will improve trade flows and reduce costs for companies doing business between New Zealand and China”.
“As the largest bank in New Zealand with the largest footprint in China, we’re in a unique position to really strengthen trade flows,” said Dr Li.
ANZ New Zealand managing director institutional David Green said China is New Zealand’s largest trading partner and a major market for many of its industries, including dairy products, meat seafood, wool and education.
“It’s also a major source of migrants, students and tourists, so Chinese culture makes up an important part of the fabric of our community and enhances business connectivity with Asia,” said Mr Green.
As the only bank with a presence in 29 markets across Asia Pacific, Mr Green said ANZ is uniquely positioned to connect its customers across the region.
“We’re pleased to receive a licence for direct CNY-NZD trading and we look forward to offering direct settlement to our customers in both markets,” he said.
