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Economy

New Zealand's central bank stuns markets with 50-basis-point rate cut

The surprise move by the Reserve Bank of New Zealand sent the local currency tumbling to 10-month lows on Aug. 7.   © Reuters

WELLINGTON (Reuters) -- New Zealand's central bank stunned markets on Wednesday by cutting the official cash rate (OCR) by a bigger-than-expected 50 basis points to a record-low 1.00%, and looked set to keep policy lower for longer in the face of growing economic risks.

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