Central banks cut rates as US China trade fears escalate

With the US China trade war biting into confidence, central banks are cutting rates as fears rise about a global recession. 

Central banks in New Zealand, India and Thailand have cut with the RBNZ governor suggesting rates could to to or below zero. 

Investors are now switching from risky shares to the safety of gold and US Treasury bonds. 

ABC's Peter Ryan says nerves are rising with no agreement in sight between the US and China.