New Zealand chops a point off rates

The Reserve Bank of New Zealand slashed its benchmark rate by a full percentage point on Thursday, citing concerns over global growth.

The cut, which leaves the official cash rate at 6.5%, is the most severe since the Reserve Bank introduced the target in 1999.

"Ongoing financial market turmoil and a deteriorating outlook for global growth have played a large role in shaping today's decision," Alan Bollard, the governor of the Reserve Bank, said. "Economic activity in New Zealand will be furt

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