HSBC is not expecting the devaluation of the Chinese currency to have a significant impact on the New Zealand economy.

LISTEN ABOVE: Mike Houlahan discusses Chinese currency with Mike Hosking on the Mike Hosking Breakfast

The People's Bank of China yesterday announced a 1.6 per cent devaluation of the yuan, on top of its record 1.85 per cent cut on Tuesday. That saw almost a one percent fall in Kiwi US before the New Zealand dollar clawed back some ground.

HSBC chief economist Paul Bloxham is not expecting a significant impact on New Zealand exports.

"As long as the fall in the New Zealand dollar matches the decline in commodity prices that are likely to result from what we've seen happen over the last couple of days, it should have a limited effect on growth over all," Bloxham said.

"In general these are small moves at this point in time and whatever fall we've seen is being matched by the client in the New Zealand dollar ... Actually a falling New Zealand dollar should be somewhat helpful for supporting growth in the Kiwi economy."