Xinhua world economic news summary at 0900 GMT, June 28

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CHICAGO -- The weekly Chicago agricultural futures went lower as the COVID-19 health scare has deepened in the United States amid record high daily infections.

The International Monetary Fund (IMF) forecast that the world's 2020 GDP rate would slide to a negative 4.9 percent, which may adversely impact raw material demand. (US-Agricultural Futures)

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NEW DELHI -- The government of India has promulgated an ordinance seeking to protect the interests of depositors and strengthen cooperative banks by improving governance and oversight by extending powers already available with the central bank the Reserve Bank of India (RBI) in respect of other banks to co-operative banks, said an official source in the federal ministry of finance.

It also empowered the RBI to undertake revival plans for banks without imposing a moratorium to avoid disruption of the financial system, stated an official release by the ministry. (India-Ordinance)

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HARARE -- The Reserve Bank of Zimbabwe on Saturday clarified the measures taken to deal with illicit trading on phone-based money transfer platforms, assuring the public that "bona fide" transactions will be processed normally.

The central bank said on Saturday night that it was money agents who had been suspended from mobile banking transactions. (Zimbabwe-Mobile Payment) Enditem

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