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Miami Herald
6 days ago
- Politics
- Miami Herald
US Ally Issues Warning Over China Military Expansion in Pacific
China's "aggressiveness" in the Asia-Pacific region has been years in the making and does not depend on which U.S. administration is in power, Philippine defense chief Gilberto Teodoro warned Wednesday. "It depends on its own plan of action in the region-in our view, its own expansionist activities, its own need to control the area," he said during remarks at the Reuters NEXT Asia summit in Singapore. China claims nearly the entire South China Sea as its territory, citing historical rights-a position that puts it at odds with the Philippines and several other countries with competing claims. Under President Ferdinand Marcos Jr., the Philippines has mounted a strong challenge to China's growing presence within its exclusive economic zone. Chinese maritime forces have responded with blockades at disputed reefs and forceful measures during confrontations with Philippine government vessels. This has brought renewed focus on the Southeast Asian country's defense treaty with Washington, which could potentially draw U.S. forces into a conflict with geopolitical rival Beijing. Newsweek reached out to the Chinese Foreign Ministry via a request for comment by email. Asked whether U.S. President Donald Trump's leadership style had prompted China's behavior, Teodoro said Beijing's designs are "predetermined by their own leader-irrespective of who an American leader is," though he acknowledged "U.S. pushback" remains a factor. As for the prospect of war, the official said he believed the chances are "remote." "That would entirely depend on the internal conditions of China," Teodoro said, pointing out the Philippines is constitutionally barred from seeking war "as an instrument of national policy." He said Manila seeks to balance diplomacy with a credible deterrent. "What we are doing is merely putting a stop-as best as we can-to the illegal incursion of China, of which I do not think any country in the world supports," Teodoro said. His remarks echoed comments he made in a Newsweek interview at last month's Shangri-La Dialogue in Singapore, where he said China's actions have bred weariness and distrust. Both the administrations of Trump and former President Joe Biden have reaffirmed the U.S.' commitment to the defense treaty with the Philippines, which remains "ironclad." Beijing has repeatedly accused the Philippines of being in a pawn in U.S. efforts to contain China's rise and touted bilateral dialogue with its neighbor as the only solution to their territorial dispute. Rahm Emanuel, former U.S. ambassador to Japan, said of the Asia Pacfic's hot spots during a recent interview with CNN: "On China, let me say this, everybody focuses on Taiwan. Look, you have the South China Sea with the Philippines. That is a country that's a treaty ally of the United States. You have our entire reputation and clarity of deterrence on stage. "…And Xi does not have the confidence in his own military to make that move yet [against Taiwan]. So to me, the real challenge is, first and foremost in the front queue, is the South China Sea with the Philippines." President Marcos has indicated that any deliberate act by China resulting in a Philippine death would constitute a "red line." Still, in its pushback against China, the country has sought to avoid outright conflict, opting instead to document and publicize Chinese vessel movements and incidents, such as ramming and water cannon attacks. Even so, tensions with China are driving the Philippines' ongoing $35 billion military modernization program, which includes efforts to acquire more capable fighter jets and warships. Related Articles US Flexes Air Power With Ally in Contested South China SeaUS Ally Plans Naval Power Increase Amid China Threat on Disputed TerritoryChina Sends Military on Combat Patrol Against US Ally: VideoMap Tracks US Coast Guard Missions Near China 2025 NEWSWEEK DIGITAL LLC.
Kuwait Times
6 days ago
- Business
- Kuwait Times
Pakistan CB to launch pilot for digital currency
KARACHI/SINGAPORE: Pakistan's central bank is preparing to launch a pilot for a digital currency and is finalizing legislation to regulate virtual assets, Governor Jameel Ahmad said on Wednesday, as the country ramped up efforts to modernize its financial system. Central banks globally are exploring the use of digital currencies as interest in blockchain-based payments grows. Pakistan's move follows similar steps by regulators in China, India, Nigeria and several Gulf states to test or issue digital currencies through controlled pilot programs. At the Reuters NEXT Asia summit in Singapore, Ahmad said Pakistan was 'building up our capacity on the central bank digital currency' and hoped to roll out a pilot soon. He was speaking on a panel alongside Sri Lanka's central bank governor, P Nandalal Weerasinghe, with both discussing monetary policy challenges in South Asia. Ahmad said a new law would 'lay down the foundations for the licensing and regulation' of the virtual assets sector and that the central bank was in touch with some tech partners. The move builds on efforts by the government-backed Pakistan Crypto Council, set up in March to drive virtual asset adoption. The PCC is exploring bitcoin mining using surplus energy, has appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve. It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial. In May, the State Bank of Pakistan clarified that virtual assets were not illegal. However, it advised financial institutions not to engage with them until a formal licensing framework was in place. 'There are risks associated, and at the same time, there are opportunities in this new emerging field. So we have to evaluate and manage the risk very carefully, and at the same time not allow to let go the opportunity,' he said on the panel. On Wednesday, Pakistan's state minister on blockchain and crypto, Bilal bin Saqib, said in a statement that Pakistan's government had approved the 'Virtual Assets Act, 2025' creating an independent regulator to license and oversee the crypto sector. Ahmad said the central bank would continue to maintain a tight policy stance to stabilize inflation within its 5–7 percent medium-term target. Pakistan has cut its benchmark rate from a peak of 22 percent to 11 percent over the past year, as inflation slumped from 38 percent in May 2023 to 3.2 percent in June, averaging 4.5 percent in the 2025 fiscal year just ended, a nine-year low. 'We are now seeing the results of this tight monetary policy transfer, both on our inflation as well as on the external account,' he said. Ahmad said Pakistan was not overly exposed to dollar weakness, noting its foreign debt was mostly dollar-denominated and only 13 percent comprised Eurobonds or commercial loans. 'We don't see any major impact,' he said, adding that reserves had risen to $14.5 billion from under $3 billion two years ago. – Reuters Ahmad said Pakistan's three-year $7 billion IMF program, which runs through September 2027, was on track and had resulted in reforms in fiscal policy, energy pricing and the foreign exchange market. 'We are confident that after that (IMF program), maybe we will not require an immediate (follow-up).' Asked whether Pakistan had financing plans lined up for upcoming military equipment purchases, particularly imports from China, Pakistan's central bank governor said he was not aware of such plans. – Reuters
Express Tribune
09-07-2025
- Business
- Express Tribune
SBP to launch digital currency pilot, finalises crypto regulation
Listen to article State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Wednesday that the bank is preparing to launch a pilot project for a digital currency and is finalising legislation to regulate virtual assets, as the country ramps up efforts to modernise its financial system. Central banks globally are exploring the use of digital currencies as interest in blockchain-based payments grows. Pakistan's move follows similar steps by regulators in China, India, Nigeria and several Gulf states to test or issue digital currencies through controlled pilot programmes. At the Reuters NEXT Asia summit in Singapore, Ahmad said Pakistan was "building up our capacity on the central bank digital currency" and hoped to roll out a pilot soon. He was speaking on a panel alongside Sri Lanka's central bank governor, P Nandalal Weerasinghe, with both discussing monetary policy challenges in South Asia. Ahmad said a new law would "lay down the foundations for the licensing and regulation" of the virtual assets sector and that the central bank was in touch with some tech partners. The move builds on efforts by the Pakistan Crypto Council, set up in March to drive virtual asset adoption. Also Read: Cement makers in race to buy PIA The PCC is exploring bitcoin mining using surplus energy and has appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve. It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial. In May, the SBP clarified that virtual assets were not illegal. However, it advised financial institutions not to engage with them until a formal licencing framework was in place. "There are risks associated, and at the same time, there are opportunities in this new emerging field. So we have to evaluate and manage the risk very carefully, and at the same time not allow to let go the opportunity," he said on the panel. On Wednesday, Special Advisor to PM on blockchain and crypto, Bilal bin Saqib, said in a statement that the government had approved the "Virtual Assets Act, 2025" creating an independent regulator to licence and oversee the crypto sector. Tight grip, falling rates Ahmad said the central bank would continue to maintain a tight policy stance to stabilise inflation within its 5-7% medium-term target. Pakistan has cut its benchmark rate from a peak of 22% to 11% over the past year, as inflation slumped from 38% in May 2023 to 3.2% in June, averaging 4.5% in the 2025 fiscal year just ended, a nine-year low. "We are now seeing the results of this tight monetary policy transfer, both on our inflation as well as on the external account," he said. Ahmad said Pakistan was not overly exposed to dollar weakness, noting its foreign debt was mostly dollar-denominated and only 13% comprised Eurobonds or commercial loans. "We don't see any major impact," he said, adding that reserves had risen to $14.5 billion from under $3 billion two years ago. Ahmad said Pakistan's three-year $7 billion IMF programme, which runs through September 2027, was on track and had resulted in reforms in fiscal policy, energy pricing and the foreign exchange market. "We are confident that after that (IMF programme), maybe we will not require an immediate (follow-up)."
Business Recorder
09-07-2025
- Business
- Business Recorder
Real estate, consumer discretionary stocks lift Sri Lanka shares
Sri Lankan shares closed higher on Wednesday, aided by gains in real estate and consumer discretionary stocks. The CSE All Share index settled up 0.72% at 18,161.49. United Motors Lanka and Sathosa Motors were the top two gainers on the CSE All Share, rising 24.9% and 15.8%, respectively. The island nation has the right balance of monetary policy at the moment, and domestic inflation is expected to turn positive around next month, Central Bank of Sri Lanka Governor P. Weerasinghe said on a panel at the Reuters NEXT Asia summit in Singapore. Trading volume on the CSE All Share index fell to 176.6 million shares from 239.3 million in the previous session. Sri Lanka shares close little changed The equity market's turnover fell to 5.98 billion Sri Lankan rupees ($19.90 million) from 8.88 billion rupees in the previous session, according to exchange data. Foreign investors were net sellers, offloading stocks worth 155.9 million rupees, while domestic investors were net buyers, purchasing shares worth 5.91 billion rupees, the data showed.
Business Recorder
09-07-2025
- Business
- Business Recorder
SBP to launch pilot for digital currency, says governor
KARACHI/SINGAPORE: State Bank of Pakistan (SBP) is preparing to launch a pilot for a digital currency and is finalising legislation to regulate virtual assets, Governor Jameel Ahmad said on Wednesday, as the country ramps up efforts to modernise its financial system. SBP globally are exploring the use of digital currencies as interest in blockchain-based payments grows. Pakistan's move follows similar steps by regulators in China, India, Nigeria and several Gulf states to test or issue digital currencies through controlled pilot programmes. Speaking at the Reuters NEXT Asia summit in Singapore, Ahmad said Pakistan was 'building up our capacity on the SBP digital currency' and hoped to roll out a pilot soon. He was speaking on a panel alongside Sri Lanka's central bank governor, P. Nandalal Weerasinghe, with both discussing monetary policy challenges in South Asia. Ahmad added that a new law would 'lay down the foundations for the licensing and regulation' of the virtual assets sector and that the SBP was already in touch with some tech partners. President Zardari gives assent to Virtual Assets Act, 2025 The move builds on efforts by the government-backed Pakistan Crypto Council, set up in March to drive virtual asset adoption. The PCC is exploring bitcoin mining using surplus energy, has appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve. It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial. In May, the State Bank of Pakistan clarified that virtual assets were not illegal. However, it advised financial institutions not to engage with them until a formal licensing framework was in place. 'There are risks associated, and at the same time, there are opportunities in this new emerging field. So we have to evaluate and manage the risk very carefully, and at the same time not allow to let go the opportunity,' he said on the panel. Pakistan receives record $38.3bn in remittances in FY25 Tight grip, falling rates On the monetary policy front, Ahmad said the central bank would continue to maintain a tight policy stance to stabilize inflation within its 5–7% medium-term target. Pakistan has cut its benchmark rate from a peak of 22% to 11% over the past year, as inflation fell sharply from 38% in May 2023 to 3.2% in June, averaging 4.5% in the 2025 fiscal year just ended, a nine-year low. 'We are now seeing the results of this tight monetary policy transfer, both on our inflation as well as on the external account,' he said. Ahmad also said Pakistan was not overly exposed to dollar weakness, noting that the country's foreign debt was mostly dollar-denominated and only 13% comprised Eurobonds or commercial loans. 'We don't see any major impact,' he said, adding that reserves had risen to $14.5 billion from under $3 billion two years ago. Ahmad said Pakistan's current three-year $7 billion IMF programme, which runs through September 2027, was on track and had already resulted in reforms in fiscal policy, energy pricing and the foreign exchange market. 'We are confident that after that (IMF programme), maybe we will not require an immediate (follow-up).' SBP governor was asked during the panel whether Pakistan had financing plans lined up for upcoming military equipment purchases, particularly imports from China. He responded that he was not aware of such plans, and said the central bank's mandate remained ensuring smooth interbank market functioning and maintaining ample foreign exchange 'so that there is no problem as far as trade financing is concerned'.
