Just maybe the market is catching on to the potential problems facing the commodity currencies—China. The Reserve Bank of New Zealand made it very clear by its statement and recent 150 basis point cut that this crisis is intensifying. RBNZ Governor Ballard said at a recent conference: The global recession is also now affecting us through trade channels and a slump in world commodity prices. Kiwi surged to a fresh new 5-year low against the US dollar yesterday, and continues to get whacked this morning.