• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

ANZ, Westpac, HSBC win New Zealand market-maker roles

19 March 2014 5:25PM
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.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use