But there were no talks about cutting rates in the release...

But there were no talks about cutting rates in the release yesterday and there was no evidence to suggest a rate cut would be necessary. The NZ economy is stable (for now). Their plan was to keep rates unchanged but yesterday they changed their stance for future rates - causing the volatility.

Just confused as to why you thought they would cut rates in the release yesterday.. the next one maybe..

From last week:
"there will be no movement on the OCR, but expect RBNZ to outline a heightened sense of downside risk."

If this issue with China doesn't get resolved I think NZ will be in a bit of trouble, but right now everything is ticking along smoothly. They even don't expect construction to slow until next year.