Finance Minister Bill English says a second cut to Chinese interest rates in a month could be a signal that Beijing believes the economy is slowing more quickly than it had anticipated.
China, the European Central Bank and the Bank of England all cut borrowing rates on Thursday.
Mr English says any slowdown in the Chinese economy has the potential to hit growth in New Zealand because of trade links.
China is New Zealand's second biggest market for exports and a key market for New Zealand's largest trading partner, Australia.
Mr English says lower interest rates should help boost growth, and it is not clear yet whether the most pessimistic forecasts for the Chinese economy will eventuate.