Emerging Markets | Global Finance

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.

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.

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. 

The African Development Bank (AfDB), which plans to increase its capital base to $100 billion, launched a $600 million fund to strengthen African banks. 

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.

Petrobras, Brazil’s state-controlled oil company, is planning a $25 billion rights issue—one of the largest in history.