United States: Fed Tapers Another $10 Billion
The Federal Reserve announced that it will taper its bond purchase program from USD 45 billion to USD 35 billion per month and keep short term interest rates near zero. The Fed also cut its GDP forecast for 2014 from a range of 2.8%-3.0% to 2.1%-3.0%. (Source: CNBC)

Vietnam: Vietnam Devalues Dong First Time in a Year to Boost Exports
The Central Bank of Vietnam devalued the local currency for the first time in one year by weakening its reference rate for the currency by 1%. The change is done in order to boost exports amid rising tensions with China. (Source: Bloomberg)

China: PBOC Mulls New Tool for Regulating Money Supply, Guiding Rates
According to people familiar with the matter, the People’s Bank of China is mulling a new tool called Pledged Supplementary Lending to inject liquidity into the market and hopes it can play the role of benchmark interest rate in the medium term. (Source: Caixin)

Argentina: Argentine Bond Swap Plan Violates U.S. Orders, Judge Says
U.S. judicial authorities warned that Argentina’s intention to move its international bonds into the local market to avoid the payment to the holdouts would violate a U.S. court order. (Source: Bloomberg)

Brazil: Brazil Tries Again to Help Industry With New Measures
According to Reuters, the Brazilian government announced new measures on 18 June to support exporters and local industries in yet another attempt to boost economic activity. Among others, these measures includes more subsidized lending to industries and tax credits to exporters. (Source: Reuters)

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