New Zealand's central bank held the benchmark interest rate at 3.25% on Wednesday, but said it expected to loosen monetary policy if medium-term inflation pressures continued to ease as forecast.

The Reserve Bank of New Zealand said it needs to keep watch on inflation risks, which have risen over recent months.

Malaysia's central bank cut interest rates for the first time in five years on Wednesday, as global trade uncertainties threaten the export-oriented economy, raising the prospect it may lower borrowing costs again this year to shield the economy.