New Zealand and China are in talks about making their currencies directly convertible, aiming to reduce costs as trade between the two countries is targeted to surge 33 percent in the next two years.
The talks were initiated during New Zealand Prime Minister John Keys visit to China last month, his spokeswoman Lesley Hamilton said by telephone yesterday, confirming an earlier report in the Wall Street Journal. The negotiations are in an early stage and are progressing without a specific timeframe, she said.