ANZ, HSBC and Westpac have been awarded market-maker roles in directly convertible trades between the New Zealand dollar and Chinese renminbi. New Zealand Prime Minister John Key and China's Premier Li Keiqiang announced late on Tuesday after a meeting in Beijing that the New Zealand dollar would become the sixth currency to be directly convertible with the renminbi. The Australian dollar was made directly convertible in April last year, joining the US dollar, Japanese yen, Russian rouble and Malaysian ringgit. Key said in a statement that he began discussions with China's President Xi Jingping about direct convertibility in April last year on the margins of the Boao forum in Hainan in China.He said the move would reduce currency conversion costs and stimulate trade and investment. China is New Zealand's largest trading partner, generating combined two-way trade of NZ$18.2 billion in calendar 2013."Direct trading will also increase the integration between the New Zealand and Chinese financial systems, and deepen the economic relationship between the two countries," Key said.ANZ said in a separate statement that the People's Bank of China had awarded a licence to ANZ to act as a market-maker on the China Foreign Exchange Trading System. "As the largest bank in New Zealand with the largest footprint in China, we're in a unique position to really strengthen trade flows," ANZ China CEO Dr Charles Li said.A Westpac spokesman in New Zealand confirmed Westpac had also won market-maker status, and HSBC released a statement confirming it had been awarded the status as well.HSBC was the sole arranger of Fonterra's inaugural offshore renminbi bond, which was the first dim sum bond from an Australasian corporate. It also managed Fonterra's 1.25 billion renminbi dim sum bond in January 2014. HSBC advised Beijing Capital Group on its NZ$950 million acquisition of Transpacific New Zealand last month.ANZ, Westpac and HSBC are also market-makers for the Australian dollar-renminbi trade.