OREANDA-NEWS. March 27, 2014. As one of the first market makers for RMB-NZD direct trading in the interbank foreign exchange market, BOC and Westpac Banking Corporation successfully completed the first RMB-NZD direct-trading deal. In the meantime, BOC lowered the offer price spread of RMB vs. NZD, effectively reducing the currency conversion costs of clients.

To promote the bilateral trade and investment between China and New Zealand, facilitate the use of RMB and NZD in trade and investment settlements, and meet the demand of enterprises to cut currency conversion costs, China Foreign Exchange Trading System, with the authorization of the People's Bank of China, announced that it would improve the trading mode between the two currencies in the interbank foreign exchange market with effect from March 19th, 2014, and start direct trading between RMB and NZD.

As a key market maker in the interbank foreign exchange market, BOC offers a full range of tradable currencies and a wide variety of trading options, featuring a remarkable trading volume as a percentage of the market total. Since its launch of the foreign exchange sale and purchase business from RMB to NZD, BOC has amassed abundant experience.

By fully exerting its advantages in the global markets business, and actively performing its obligation as a market maker, BOC will provide continuous two-way quotations for RMB and NZD for purchase and sales in the interbank foreign exchange market as well as market liquidity. Meanwhile, by further enhancing its quotation capacity and diversifying products, BOC will promote the development of the direct trading business between the two currencies and provide clients with higher-quality and more efficient financial services.