In a surprise move, the Reserve Bank of New Zealand has cut its lending rates for the fifth time since June last year to a record low of 2.25 per cent. The bank said the 25 basis point cut was due to global growth worries and weaker demand from China, an important trade partner. New Zealand is the world's largest dairy exporter but the sector has been facing some challenges. The central bank signalled it could cut rates further to help boost growth. The New Zealand dollar fell on the news by more than 1 per cent.