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As of June 21, monthly local government bond issuance exceeded 594 billion yuan (.3 billion), and the planned issuance is over 200 billion yuan for the last week of June. As a result, the total issuance may reach 800 billion yuan for the month, according to statistics compiled by Wind, a leading financial data provider in China.

As his milestone 100th day in office on Saturday nears, Trump has been scrambling to show progress on his agenda. The tax plan, though meager in detail, matched up closely with the promises he made during his victorious 2016 election campaign.

As of Wednesday, China had a total of 1,680 confirmed imported cases, with 1,434 of them cured and discharged from hospitals and five still in severe condition. The country did not report any new deaths.

As interest rates are expected to rise in major economies, investors and lenders could start to shift capital back to developed countries. Debt in Asia's emerging markets may become more expensive, the report warned.

As of Wednesday morning, there were 648 confirmed coronavirus cases in Canada, with nine related deaths, which indicates a "sharp rise" in the number of cases and indicates community spread, according to Canada's Chief Public Health Officer Dr Theresa Tam.