CRI听力:China Launches Direct Trading between Yuan & New Zealand Dollar

The Chinese government is moving to allow direct trading between the yuan and the New Zealand dollar.

The announcement has been made by Premier Li Keqiang following a meeting with New Zealand Prime Minister John Key in Beijing.

Li Keqiang says the direct transactions will lower costs for investors on both sides.

"Your visit will further promote the development of the bilateral relationship, not only in the political front but also pragmatically. The agreement of direct trade of the two currencies that we are going to sign is good news for both trade and investment between our countries."

Li Keqiang also says he's hoping authorities in New Zealand will help Chinese financial institutions set up branches in the country.

For his part, John Key says New Zealand is hoping to beef up its economic and trade ties with China.

"We are very encouraged by the way that our economic relationship is growing considerably. And our agreement to have direct exchange between the New Zealand Dollar and the Renminbi I think is something that will be welcomed by businesses and those who have exchanged goods and services as an easy way of doing business and tying our two countries together."

Direct currency trading is being launched on the inter-bank foreign exchange market starting today.

The New Zealand dollar has become the 10th foreign currency that can be directly traded against the yuan here in China.