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China is making its currency exchange rate more flexible, the central bank announced on June 19, loosening the Chinese renminbi’s 23-month-long peg to the US dollar.
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Faced with a daunting budget deficit, the Indian government has decided to risk a painful backlash by India’s poor and eliminate price controls on gasoline.
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In mid-June at the St. Petersburg International Economic Forum, Russia’s answer to Davos, Russian president Dmitry Medvedev continued to pitch his modernization campaign, which is focused on diversifying the economy.
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The African Development Bank (AfDB), which plans to increase its capital base to $100 billion, launched a $600 million fund to strengthen African banks.
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Emirates, the Dubai-based international airline, will place orders for more planes at the Farnborough International Airshow in the UK, according to Sheikh Mohammed Bin Rashid Al Maktoum, Dubai’s ruler.
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Petrobras, Brazil’s state-controlled oil company, is planning a $25 billion rights issue—one of the largest in history.
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