New Zealand’s central bank unexpectedly cut interest rates to a fresh record low citing slower growth in China, declining inflation expectations and the need for a weaker local currency to help exporters as dairy prices plunge.

新西兰央行(RBN)出乎意料地把利率下调至创纪录的新低水平，提到的理由包括中国增长放缓、通胀预期下降，以及有必要在乳制品价格大跌之际，压低本币汇率提振出口。

The Reserve Bank of New Zealand on Thursday lowered its benchmark interest rate by 25 basis points to 2.25 per cent, defying expectations it would hold steady, and said further easing may be necessary.

周四，新西兰央行将基准利率下调25个基点，至2.25%，这让该国将维持利率不变的预期化为泡影，并表示可能有必要继续放松货币政策。

That prompted a sell-off in the New Zealand dollar, which fell 1.1 per cent to US$0.6673 against its US counterpart and 2 per cent against the Australian dollar.

该消息导致新西兰元遭到抛售，新西兰元兑美元汇率下跌1.1%，至1澳元兑换0.6673美元，新西兰元兑澳元汇率下跌2%。

“The outlook for global growth has deteriorated since the December monetary policy statement, due to weaker growth in China and other emerging markets, and slower growth in Europe,” said the RBNZ in its statement.

“由于中国等新兴市场增势更加疲软，加上欧洲增长放缓，自去年12月货币政策声明以来，全球增长前景已然恶化，”新西兰央行发表声明称。

The unexpected rate cut comes ahead of a decision on rates later on Thursday by the European Central Bank, which is expected to ease monetary policy further in a bid to prevent deflation in the eurozone.

此次意外降息之后，欧洲央行(ECB)将在周四晚些时候做出一项利率决定。外界预计，欧洲央行将推出更多宽松政策，以防止欧元区出现通缩局面。

New Zealand’s economy is being buffeted by a sharp fall in dairy prices, which plummeted 65 per cent in US dollar terms between February 2014 and August 2015 due to reduced Chinese demand, sanctions on Russian imports and increasing supply.

新西兰经济正遭受乳制品价格大幅下跌的猛烈冲击。由于中国需求减少、俄罗斯进口禁令和供应增多，2014年2月至2015年8月期间，以美元计价的新西兰乳制品价格大跌了65%。

In March 2014 New Zealand became the first central bank in the developed world to raise interest rates following a US decision to begin tapering its asset purchasing programme introduced during the financial crisis. At the time dairy prices were near record highs, with exports to China — New Zealand’s biggest trading partner — surging by 45 per cent to NZ$9.9bn in 2013.

2014年3月，新西兰宣布提高利率，成为追随美国做出的逐渐退出在金融危机期间引入的资产购买计划的决定的第一个发达国家。当时，乳制品价格正接近历史最高点，2013年新西兰对其最大贸易伙伴国中国的出口额大增45%，达到99亿新西兰元。

RBNZ governor Graham Wheeler told journalists on Thursday that weaker growth in China posed a risk to New Zealand’s growth and inflation outlook. “If China had a very significant and prolonged devaluation, it would in essence spread deflation around the world,” he said.

周四，新西兰央行行长格雷厄姆•惠勒(Graham Wheeler)对记者们表示，中国增长放缓对新西兰的增长和通胀展望构成了威胁。“如果中国货币大幅贬值，并且延续更长时间，那么这实际上使通缩蔓延至全世界，”他说。