On July 1 Li Chenggang, China’s international trade representative and vice minister, met UN Deputy Secretary‑General and UNDP Deputy Administrator Xu Haoliang to discuss establishing a UNDP Shanghai Global Centre for Sustainable Development and advancing practical cooperation and talent exchanges.

Emerging-market currencies have given back their year-to-date gains as traders price a higher US rate path and a firmer dollar. The MSCI EM currency index fell 0.2%, leaving it roughly flat YTD and tracking toward its lowest close since April 7. Markets are increasingly pricing a hawkish shift at the Fed; a Fed official is scheduled to speak later today at the ECB Sintra forum alongside European and UK peers. Asian currencies led declines: the won fell to its weakest since 2009 after foreign investors sold a net 1.46 trillion won (~$938m) of Korean equities.

India ordered that, effective July 1, the export windfall tax on aviation turbine fuel (ATF) will be cut to 7.5 rupees per litre from 12.5 rupees, while the export windfall tax on petrol will be raised to 4 rupees per litre from 1.5 rupees.