New Zealand, India and Philippines Lowered Benchmark Rate

New Zealand’s central bank stunned markets on Wednesday by cutting official cash rate a steep 50 basis points to to a record trough of 1%.

Philippines’ central bank has cut rates for the second time this year, joining a growing wave of monetary easing across Asia in a bid to boost its economy after growth slowed. Bangko Sentral ng Pilipinas, the country’s central bank, trimmed its benchmark rate by 25 basis points to 4.25%, joining central banks in India and New Zealand, which all cut rates on Wednesday.