N.Z. Dollar Drops on China Milk Powder Reports; Aussie Up
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The New Zealand dollar fell against its 16 major peers after reports that China has destroyed some milk powder imported from the South Pacific nation.
The so-called kiwi dropped versus the U.S. dollar and yen after Beijing News reported China’s quarantine administration destroyed milk powder for three different brands, citing the government agency. The currency pared losses after Auckland-based Fonterra Cooperative Group Ltd. said none of its products were destroyed. Australia’s dollar gained after the country’s central bank said an improved global outlook have spurred prices for commodities.