“The Pacific region is becoming more contested and less secure as China becomes more assertive,” said New Zealand Prime Minister (PM) Chris Hipkins in a speech at the China Business Summit in Auckland on Monday per Reuters.
NZ PM Hipkins outlined the need to work with like-minded partners but also showed the necessity for engaging with Beijing in the speech. The policymaker cited New Zealand’s vulnerability due to the smaller economic size and reliance on the stability and predictability of international rules for their prosperity and security.
On the other hand, China’s ambassador to New Zealand reacted to NZ PM Hipkins’ speech by citing the relations between the two countries as healthy, stable and thriving despite having their differences.
NZD/USD pares weekly gains
The news allows the NZD/USD pair to consolidate the previous week’s heavy gains by declining to around 0.6365 amid the early hours of Monday’s Asian session.
Also read: NZD/USD struggles to gain near the 0.6360 mark, eye on NZD inflation data