
Seoul Foreign Minister Pick to Prioritize US-North Korea Talks
South Korea's foreign minister nominee Cho Hyun pledged to make resuming the US-North Korea dialogue a top priority, underscoring new President Lee Jae Myung's vision of building lasting peace on the Korean Peninsula.
Facilitating talks between Washington and Pyongyang will be central to the Lee administration's diplomatic strategy, the former ambassador to the United Nations told reporters on Tuesday, a day after his nomination.
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Washington Post
an hour ago
- Washington Post
US consulate condemns Hong Kong's government for 'repression' of Independence Day celebrations
HONG KONG — The U.S. consulate in Hong Kong on Tuesday condemned the city's government for what it called repression of U.S. Independence Day celebrations after local education authorities reportedly cautioned teachers and students not to attend such events organized by American diplomats. The consulate accused the Hong Kong government of interfering with U.S. Consulate General-hosted events, saying U.S. embassies and consulates worldwide celebrate Independence Day every year by hosting receptions and other festivities.

Associated Press
an hour ago
- Associated Press
US consulate condemns Hong Kong's government for 'repression' of Independence Day celebrations
HONG KONG (AP) — The U.S. consulate in Hong Kong on Tuesday condemned the city's government for what it called repression of U.S. Independence Day celebrations after local education authorities reportedly cautioned teachers and students not to attend such events organized by American diplomats. The consulate accused the Hong Kong government of interfering with U.S. Consulate General-hosted events, saying U.S. embassies and consulates worldwide celebrate Independence Day every year by hosting receptions and other festivities. 'We condemn the Hong Kong government's repression of U.S. Independence Day celebrations,' it said in an emailed reply to The Associated Press' questions. 'Its attempts to characterize these activities as 'unlawful' only further reveals its insecurity and fear of freedom.' The consulate's criticism came days after a Facebook page, 'Edu Lancet,' reported that the city's education authorities had sent 'friendly reminders' to multiple schools asking their teachers not to 'casually join' the consulate's events and be cautious about violating the national security law. The reminder also asked the schools to discourage their students from joining such events, it said. The Associated Press could not independently verify the claims by the Facebook page, which often provides updates about the education sector. A local English-language newspaper, the South China Morning Post, also reported that the authorities had reminded schools to be vigilant about any attempts to promote U.S. Independence Day celebrations on campus. The city's education bureau has not immediately commented. Hong Kong Secretary for Security Chris Tang previously accused the founder of the page, Hans Yeung, of seizing opportunities to incite division in society in a media interview published in March. Beijing imposed the national security law on Hong Kong in 2020 following massive anti-government protests in 2019, saying the legislation was necessary to return stability to the city. Under the law, dozens of leading activists were prosecuted or jailed while others fled. Fears about the law drove many middle-class families and young professionals to emigrate elsewhere.
Yahoo
an hour ago
- Yahoo
Bank of Korea deputy chief says desirable to introduce stablecoins gradually
SEOUL (Reuters) -The senior deputy governor of South Korea's central bank said it was desirable to introduce won-denominated stablecoins at a gradual pace, first with rigorously-regulated commercial banks. Stablecoins, a type of cryptocurrency designed to maintain a constant value – typically pegged at 1:1 to the U.S. dollar – are widely used by crypto traders to move funds between tokens, and are starting to be adopted by more and more companies. "It is desirable to first allow banks, which are under a high level of regulations, to issue (won-based stablecoins) and gradually expand to the non-bank sector with the experience," Ryoo Sang-dai, senior deputy governor of the Bank of Korea (BOK), said at a press conference. Ryoo said introducing stablecoins could have a significant impact on monetary policy and the transaction settlement system, as he echoed earlier concerns about capital flows raised by Governor Rhee Chang-yong and noted the need for a safety net to prevent financial market disorder and ensure user protection. South Korea's left-leaning President, Lee Jae Myung, is seen delivering on his election pledge to allow companies to issue won-based stablecoins, with his Democratic Party proposing legislation designed to set up necessary regulatory infrastructure, so the country does not fall behind. Ryoo also said rising housing prices and household debt had become a more important factor for the central bank, which is currently in an easing cycle. Last month's interest rate cut brought the policy rate to somewhere in the middle of the neutral range, he added. The BOK will consult with major commercial banks to prepare a second pilot test of its central bank digital currency (CBDC), as the new administration's policy stance becomes clearer, Ryoo said. The central bank's first pilot test ends next week, after it launched a joint project with the Bank for International Settlements, dubbed the central bankers' central bank, to develop a digital currency in late 2023. Given the trend of digitalisation, authorities will also speed up market reform efforts to open up its currency market to foreign investors, after a year of extending trading hours and allowing overseas participation, Ryoo said.