RBNZ leaves cash rate on hold
Reserve Bank Governor Alan Bollard said: "The New Zealand economy has performed relatively well while headline inflation has increased somewhat since the June Statement. At the same time, however, global economic and financial risks have increased.
"Domestic economic activity has surprised on the upside and capacity usage appears to have increased. Continued high export commodity prices and, in time, reconstruction in Canterbury are expected to provide impetus to demand over the projection horizon.
"However, the outlook for New Zealand's trading partners has deteriorated markedly. There is now a real risk that global economic activity slows sharply.
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