The New Zealand dollar bounced from a six-year low after two days of turmoil spurred by the prospect of deteriorating Chinese economy.

NZ shares have stabilised, with the S&P/NZX50 index down just 9 points today.

The local sharemarket opened down 2.4 per cent, after a wild overnight ride on world markets.

The New Zealand dollar slumped to its lowest level in six years as equities sank amid concerns about global growth.

The New Zealand dollar slumped to its lowest level in six years after billions of dollars were wiped from financial markets in the US, Europe and Asia.

New Zealand shares dropped yesterday in a global selloff after weak Chinese manufacturing data added to concern about the world's second-largest economy.

The dollar rose as traders delayed their expectations for US interest rate hikes, broadly weakening the greenback.

If Australia's initiative works well enough, this country should be quick to follow suit.

The country is not convinced a deal would have plenty of upside, writes Fran O'Sullivan.

Investment bank says there is a 25 to 30 per cent risk of New Zealand's economy going into recession in the next 12 months.

The New Zealand dollar gained as traders pare back bets for the Federal Reserve to hike interest rates next month.

DairyNZ chairman John Luxton says it some TPP players are seeking to maintain trade protection rather than reduce it.

The dollar jumped after US Fed minutes pushed out expectations for a US interest rate hike, damping greenback demand.

Foreign Minister Murray McCully ought to stand aside while the Auditor-General conducts her inquiry into the Saudi sheep deal.

Wholemilk powder prices rallied by 19.1 per cent at this morning's GlobalDairyTrade auction.

The dollar was little changed after dairy product prices jumped as expected at auction overnight.

The NZ dollar rose ahead of tonight's GlobalDairyTrade auction amid expectations whole milk powder prices may gain.

Signs look good for Fonterra that dairy prices will bounce in tomorrow's GlobalDairyTrade (GDT) auction.

New Zealand businesses need to be globally focused and prepared to compete, according to global chair of Kea New Zealand Phil Veal.

Prime Minister John Key has downplayed concerns about the sale of large tracts of productive land to foreign buyers, saying the trend was not "alarming".

Having made their money in a one-party state, Chinese companies are facing culture shock as they deal with democracies.

Labour MP Stuart Nash has dismissed criticism of him by senior minister Steven Joyce for marching and speaking at an anti-TPP rally in Napier.

Japan, Canada and the US are united in pushing NZ to ditch its demands for better dairy export access to their protected markets, writes Fran O'Sullivan.

Taxpayer money will be spent on an abattoir that could be gifted to Saudi Arabia - part of a deal done partly to secure a free-trade deal with Gulf states.

TradeMe Group has launched an insurance with Tower, as part of the online auction site's plan to diversify into financial services.

New Zealand told a wary United States of its involvement in a new Chinese infrastructure bank from the start and those conversations were never tense, officials say.