EM CPI inflation declined to a record low in May, according to preliminary data. EM bonds received the largest inflows in three months. China reportedly agreed to suspend debt repayments for 77 countries as part of the G20 proposal for debt relief for poorer countries. Argentina postponed the deadline for debt restructuring to 12 June as the gap between creditors and the country continued to narrow. Chinese data surprised to the upside as the central bank announced targeted stimulus to small companies. Ecuador announced a timeline for debt re-profiling. South Korea announced a third round of fiscal stimulus. The IMF approved a USD 5.2bn stand-by facility for Egypt. The IMF asked for further fiscal consolidation in Pakistan. Angola cleaned up the non-performing loans position in the largest state owned bank. Moody’s downgraded India to the lowest investment grade rating with negative outlook.