Published by Mark Smith-HalvorsenThe New Zealand was falling in global forex trading this morning (August 31st) after finance company South Canterbury announced it is filing for receivership.Following a report from the New Zealand government confirming that it will begin winding down the Timaru-based company, which has around NZ$1.6 billion worth of assets, forex traders began selling the currency.Speaking to Bloomberg, Imre Speizer, a market strategist in Wellington at Westpac Banking Corp., Australia's second-largest lender, commented: "Offshore markets see the headline - a large finance company failed - and they are selling the kiwi on it. The momentum for New Zealand economic data has been downward for a few months."At 08:11 GMT, the kiwi was trading at $0.6989 against the dollar, down from $0.7071 in New York yesterday.South Canterbury was taken into receivership after failing to attract a buyer before today's deadline. It has been in operation since 1926 and has around 13,000 customers.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site.