A senior Asian economist, Hoe Ee Khor, believes China's yuan has the potential to rival a weakening US dollar as a global currency if Beijing liberalizes convertibility and access for foreigners. According to Khor, "US exceptionalism is over – the beginning of the end," suggesting that China's efforts to internationalize its currency may mark a shift away from the US dollar's dominance.
https://www.scmp.com/economy/global-economy/article/3310638/chinas-yuan-fit-rival-us-dollar-global-currency-if-more-accessible-economist?module=top_story&pgtype=section#commentsThe European Union is launching the Safe plan, a security initiative aimed at modernizing member states' defenses against Russian aggression. The plan grants loans to Denmark, EU members, and certain non-members like Ukraine to purchase equipment and strengthen their militaries. To incentivize spending, the EU has triggered the national escape clause (NEC), allowing countries to bypass fiscal rules in exceptional circumstances. This move comes as US President Donald Trump's stance on Ukraine has shifted towards aligning with Russia, prompting a coalition of willing nations led by the UK and France to support Ukraine.
https://www.firstpost.com/world/safe-european-union-countries-agree-on-168-bn-mega-defence-fund-as-trump-resets-security-ties-13889686.htmlThe Indian government claims that a recent ceasefire with Pakistan was not the result of US President Donald Trump's mediation, but rather a bilateral agreement between the two countries. The Ministry of External Affairs stated this in a presentation to Congress MP Shashi Tharoor, highlighting that Pakistan allows UN-designated terrorists to roam freely and incite violence against India. In response to the execution-style killing of 26 civilians in Jammu and Kashmir's Pahalgam, India launched Operation Sindoor, eliminating over 100 terrorists, including high-value targets like Yusuf Azhar and Abdul Malik Rauf. The Indian military also targeted Pakistan-Occupied Kashmir (PoK) and the Jaish-e-Mohammad stronghold of Bahawalpur.
https://www.firstpost.com/india/pahalgam-probe-revealed-communication-nodes-of-terrorists-handlers-in-pakistan-mea-13889830.htmlIndia's efforts to isolate Pakistan through diplomatic and economic measures have been met with resistance as the global context has evolved. The narrative of "Islamic terrorism" is no longer prominent, and the West no longer readily supports India's allegations against Pakistan. The Pahalgam tragedy in 2025 showed Pakistan's innocence, while India's attacks on civilian sites caused casualties among civilians. India's credibility has been damaged by misinformation, affecting its position under Prime Minister Modi, who faces criticism from independent journalists and commentators. Internationally, Pakistan is regaining strength with support from China, Turkey, and other nations, while India receives backing from Israel and the Afghan Taliban. The US President Donald Trump's approach to South Asia has placed both countries on an equal footing, shifting geopolitical dynamics in favor of Pakistan.
https://www.brecorder.com/news/40363397/india-must-be-kept-in-checkIndia has formed seven multi-party delegations to visit over a dozen countries, led by senior Members of Parliament, to pressure Pakistan for its alleged support to cross-border terrorism. The delegations, comprising eight to nine representatives from various parties, include former diplomats and policy experts. Led by Union Minister Kiren Rijiju, the teams will engage with government officials, think tanks, and diaspora communities to raise awareness about Pakistan's alleged support for terrorism and seek coordinated global action.
https://www.thenews.com.pk/print/1312715-59-indian-mps-being-sent-abroad-to-mount-global-pressure-on-pakistanIran is seeking to mend fences with its neighbors, particularly Syria and Israel, as it faces regional instability following the regime change in Syria. The country is also exploring a more collaborative approach with Western nations regarding its nuclear program, potentially paving the way for a compromise on its activities.
https://www.hurriyetdailynews.com/turkiye-us-set-to-hold-syria-talks-in-washington-209342South Korea's Industry Minister Ahn Duk-geun and Trade Minister Cheong In-kyo met with US Trade Representative Jamieson Greer on Jeju Island to discuss a potential tariff package deal ahead of the July 8 deadline. The talks will focus on six key areas, including trade imbalances, non-tariff measures, economic security, digital trade, country of origin, and commercial considerations. Seoul is seeking a complete tariff exemption, but the US may present specific demands related to tariffs and economic cooperation during the session.
https://koreajoongangdaily.joins.com/news/2025-05-19/business/economy/Korea-US-to-hold-second-round-of-workinglevel-tariff-talks-in-Washington-this-week/2310357South Korea's presidential candidates debated ahead of June 3 elections to replace former President Yoon Suk Yeol, who was impeached over a martial law declaration. Lee Jae-myung, the Democratic Party's candidate and front-runner, has faced criticism for being too friendly to China due to comments on China-Taiwan disputes. However, Lee emphasized pragmatism in foreign policy, suggesting South Korea should balance its alliance with Washington while managing relations with China and Russia.
https://www.japantimes.co.jp/news/2025/05/19/asia-pacific/politics/south-korea-presidential-debate/Pakistan and India have begun de-escalating tensions along their border, with officials describing the move as a "continuation of confidence-building measures." The decision comes after weeks of heightened military alert, which was sparked by alleged acts of aggression from India. Diplomatic efforts from the US and other concerned nations are believed to have facilitated the plan. Pakistan's Prime Minister Shehbaz has stated that India did not act due to the Pakistani Navy's high readiness, indicating a rare instance of direct military engagement aimed at reducing tensions.
https://www.thenews.com.pk/latest/1313173-pakistan-india-to-send-troops-back-to-peacetime-positions-by-may-end-officials