Doing Business in China Now Easier for ANZ Customers

Friday, 28 January 2011, 2:53 pm
Press Release: ANZ Bank

28 January 2011

ANZ has become the first major New Zealand bank to do a trade deal in the Chinese currency renminbi (RMB), a capability that will make it easier for New Zealand firms to do business with China, says ANZ New Zealand Institutional Managing Director David Green. “Until recently the renminbi (also called the Chinese Yuan) was strictly controlled. China is progressively deregulating and internationalising its currency. This opens up considerable opportunities for New Zealand businesses.

“This is a significant milestone in helping ANZ’s customers trade with China. China is New Zealand’s second largest trading partner with trading volumes over NZ$11 billion for the last 12 months and this is expected to continue to grow strongly. With ANZ’s offshore RMB capabilities, New Zealand companies will have more options for negotiating price and settlement when trading with Chinese entities.

“Securing this deal involved collaboration across our network, particularly with ANZ Hong Kong. ANZ has the largest Asian footprint of any of the major New Zealand banks. This deal is a tangible example of how customers can utilise ANZ’s increasingly large and capable Asian network. We are already linking customers to business opportunities in Greater China and across Asia Pacific. Our investment in the Asian network is delivering benefits for customers doing business in the region,” said Mr Green.

The RMB transaction was completed on behalf of NAC Trading Ltd, a Wellington-based trading company that supplies quality food and forestry products to Chinese buyers. Managing Director Mr W. G. Huang was very pleased to be part of ANZ’s first RMB deal. “Using RMB as a settlement currency gives us a competitive advantage as we can transact in the currency that our customers want to deal with. It enables us to gain a better New Zealand dollar return on our exports and gives us greater flexibility to manage our foreign exchange risks,” said Mr Huang.

ENDS

© Scoop Media

ANZ Bank New Zealand Limited

Get on top of your money

ANZ has been helping New Zealanders get on top of their money ever since we opened for business in 1840. We were New Zealand's first bank and today we have a large network of full-service branches and ATMs, and talented people across the country.

We're passionate about helping our customers make their money work harder and equipping them to make better financial decisions. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.

Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.

Contact ANZ Bank New Zealand Limited

• Phone - 0800 269 296
• Website - www.anz.co.nz/personal/
• Join Us - Switch to ANZ
• More about - Home Loans
• More about - Credit Cards
• More about - Personal Loans
• More about - Business Banking
• Work it out - Mortgage Calculators