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’ established plan to improve the financial situation. In foreign trade, the trade between the EU and the United States, China, Russia and other major EU trade partners significantly slowed down (Giorgi and Gambetti, 2017). Second, from 2011 to 2015, prices of bulk commodities such as crude oil, rubber, steel plummeted, indicating a significant decline in production demand, economy slowed down. World trade growth in 2011 and economic growth was flat, it was even lower than the economic growth. Global trade volume atrophied, the actual growth rate was lower than the economic growth, the global trade volume has even declined by 13.8% in 2015, it was the first time of shrinking since the financial crisis in 2009, which showed that the global trade demand was declining. This was a clear signal that global economic activity was slowing (Giorgi and Gambetti, 2017). Finally, historically, every major crisis in the world was often accompanied by populist and other extreme behavior. For example, after the 'Great Depression' in the 1930s, there was the emergence of Italian, German dictatorship governments. Today, a similar scene loomed. Financial turmoil of Wall Street has pasted for 8 years, but the world economy still recovers slowly. High debt levels and high unemployment rate have worsened the lives of the middle and poor sectors of a society, there is a growing polarization of a society. As a result, the voice of anti-globalization, trade protectionism is getting higher and higher, the British referendum was one of the specific manifestations of anti-globalization, which added uncertainty to the recovery of the world economy (Giorgi and Gambetti, 2017).

2.6 Official cash rate
From 2010 to 2016, New Zealand's monetary policy has experienced three stable, tight and loose periods, from 2011 to 2013, the monetary policy was stabile, in March 2011, the benchmark interest rate reduced 50 basis points, from 3% to 2. 5%, then until 2014 OCR (Official Cash Rate) maintained at 2.25%.In 2014, driven by rising international dairy prices, higher consumer spending and more active real estate market transactions, the New Zealand economic growth rate exceeded 3% in 2014, In particular, New Zealand's trade surplus with China and capital inflows pushed up local prices, pushing up inflation in New Zealand. As a result, the New Zealand central bank raised its benchmark interest rate four times in 2014, OCR rose from 2.5% to 3.5% (Bhattarai, 2016).
In 2015, due to the slow development of the world economy, weakened demand, decreased dairy prices in the international market, it has an impact on the income of the dairy industry and investment in agriculture and animal husbandry, while the New Zealand dollar exchange rate was high, which brought great pressure to the domestic exports and import competitive industries, it also made the central bank’s achieving inflation targets become more difficult, so the New Zealand dollar needed to depreciate. In 2015, it decreased the benchmark interest rate for four times, OCR decreased from 3.5% to 2.5%. New Zealand's central bank cut its OCR twice in 2016, with the first reduction in March 2016, and the OCR was reduced from 2.5% to 2.25%. The second cut of OCR took place in August 2016, the New Zealand central bank cut the benchmark interest rate from 2.25% to a reco