N.Z. Dollar Rises to Three-Year High on Optimism China Will Buy
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New Zealand’s dollar rose to the strongest level since March 2008 versus its U.S. counterpart, approaching a record high, on speculation China will buy the South Pacific nation’s assets to diversify the world’s largest holdings of foreign reserves.
The currency, nicknamed the kiwi, gained the most this week in two months as Finance Minister Bill English’s office said China Investment Corp. is interested in buying his nation’s bonds. The Australian dollar rose for a second week versus the greenback on prospects that slowing growth in the U.S. will preserve Australia’s yield advantage.