RBNZ’s Wheeler threatens currency intervention

graeme-wheeler

The Reserve Bank of New Zealand could intervene to weaken its "overvalued" currency, according to governor Graeme Wheeler – a decision that could force the RBNZ to suspend its planned interest rate hikes.

Wheeler's comments show the central bank is growing increasingly concerned by the strength of its currency, which has appreciated by 4% against the US dollar since the turn of the year.

In March, the RBNZ increased its overnight cash rate (OCR) for the first time in three years and, in a statem

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