Woa, this is big!!!. John Key as a Wall street banker signed a deal with the Chinese to deal directly with them and not via the global currency the US dollar????? On whose orders you might ask!
New Zealand has become one of the first countries in the world to be allowed direct currency trading with Chinese, a move aimed at reducing the cost of business in the economic superpower.
Prime Minister John Key announced the deal after a meeting with Chinese Premier Li Keqiang at the Great Hall of the People in Beijing last night (NZ time), the first day of his state visit this week.
The deal would “make doing business with China easier by reducing the costs of converting between the two currencies, and will stimulate trade and investment”, Key said.
The announcement was a sign of “how close the relationship is growing”. Since he became prime minister, exports had quadrupled to $10 billion, he said.