Reserve Bank governor Graeme Wheeler has warned excessive credit growth may trip up New Zealand's economic rebalancing and has singled out agricultural debt as being uncomfortably high.

New Zealand boat builders are savvy and determined but the strong kiwi dollar is making it difficult for exporters to remain competitive.

The New Zealand dollar climbed more than half a US cent after new Reserve Bank governor Graeme Wheeler gave no indication he's leaning towards cutting rates.

Editorial: The first interest rate move by a new governor of the Reserve Bank is bound to be closely watched this morning.