Zafar Iqbal, Vice President of the Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), believes that China's digital yuan and its Cross-Border Interbank Payment System (CIPS 2.0) are fundamentally challenging the US dollar's dominance in international trade. The first international transaction using CIPS 2.0, a 120 million yuan payment for auto parts from Shenzhen to Kuala Lumpur, was completed in just 7.2 seconds, bypassing traditional banking lags. Iqbal sees this as a financial breakthrough that could redefine global economies' trade and settlement processes. He notes that China's digital financial systems offer emerging economies like Pakistan the chance to reduce dependence on dollar-dominated systems and engage in more equitable and transparent trade.
https://www.brecorder.com/news/40361608/us-dollar-dominance-being-fundamentally-challengedChina's decision to retaliate against US tariffs is driven by a narrative of national resilience, likening the move to China's "century of humiliation" under foreign pressure. President Xi Jinping seeks to avoid appearing weak in the face of US pressure. China wields significant influence over global supply chains, controlling exports of consumer products and critical minerals that have already disrupted US markets and industries.
https://cfr.org/blog/presidents-inbox-recap-us-china-trade-warNew Delhi's actions in the Indus Waters Treaty are violating Pakistan with impunity, causing river flows to be slashed and reservoirs filled without notification. This has led to Pakistan's irrigation canals running dry, endangering early Kharif crops, and exacerbating hydrological sabotage and airstrikes. The country is facing a crisis amid an unforgiving environment, with climate vulnerability at existential levels and IMF-mandated austerity limiting fiscal space. Over 42% of Pakistan's population lives below the poverty line, and the agricultural sector is strained by erratic monsoons and flash droughts. Pakistan must respond proportionally, uphold international law, and document treaty violations to avoid a total cost of miscalculation, including economic collapse, mass displacement, and environmental catastrophe.
https://www.brecorder.com/news/40361570/confrontation-without-custodiansPakistan's economy is vulnerable to conflict due to its reliance on external capital inflow, with under three months of import cover compared to India's nine months. The country's asset prices are sensitive to any conflict, unlike India's. Pakistan's finance ministry has held an emergency meeting to review market resilience and national financial security, while the IMF executive board is set to sign off on a staff-level agreement that would trigger a $1 billion payout. Economists have mixed views on the impact of escalating tensions between India and Pakistan, with some warning of a fragile economic recovery and others suggesting Pakistan's economy can weather the fallout due to recent reforms.
https://www.brecorder.com/news/40361627/pakistan-bonds-gyrateUS President Donald Trump announced a news conference on Thursday at 10:00 ET about a major trade deal with representatives of a highly respected country, which will be the first of many such announcements. The news comes after Trump's top officials have been meeting with trading partners since imposing tariffs on various countries, including Canada and China.
https://www.thestar.com.my/news/world/2025/05/08/trump-says-news-conference-on-thursday-about-major-trade-dealUN experts have demanded action to prevent the "annihilation" of Palestinians in Gaza amid escalating violence, with over 20 independent UN experts warning of a humanitarian catastrophe. The situation has drawn international condemnation, with France's President Emmanuel Macron calling it "the most critical we have ever seen". Israel's planned expanded offensive would displace most residents, and rescuers reported 59 deaths, including 48 in Gaza City, with many more injured. EU foreign policy chief Kaja Kallas offered to distribute humanitarian aid if Israel doesn't trust other actors. The US President Donald Trump is set to visit the region next week, amid desperate attempts to force a partial deal, while Saudi Arabia has rejected Israel's plan to expand its offensive.
https://www.malaymail.com/news/world/2025/05/08/un-experts-warn-of-annihilation-in-gaza-urge-world-to-intervene/175958The US dollar is trading within a range, with some strength against Asian currencies after a brief weakness earlier in the week. Senior global market strategist Marvin Loh expects no significant impact from today's Federal Reserve meeting due to ongoing uncertainty over trade tensions between the US and China. US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerland this weekend, potentially paving the way for a resolution to the trade war. The greenback rose 0.69% against the yen, while falling 0.04% against the Swiss franc. The Swiss National Bank is prepared to intervene and cut rates if necessary to maintain price stability.
https://www.brecorder.com/news/40361549/dollar-higher-against-yen-euroUS President Joe Biden has accused his successor Donald Trump of pressuring Ukraine to give up its territory as part of a peace deal with Russia, calling it "modern-day appeasement". Biden stated that Russian President Vladimir Putin believes Ukraine is part of Russia and that any concessions would be futile. He criticized the Trump administration's suggestions, saying they were misguided and that Putin would not back down if Ukrainian territory was given up.
https://www.thenews.com.pk/print/1309433-biden-accuses-trump-of-appeasing-russia-with-ukraine-pressureRep. Pete Stauber, R-Minn., criticized President Biden's partnership with countries accused of child labor offenses in pursuit of green energy, calling it "simply unacceptable". GOP Senator John Thune urged Biden to use "common sense" and evaluate the costs of his administration's ESG policies, which have led to high gas prices. The Biden administration is pushing for carbon-free energy, including nuclear power, with Energy Secretary Jennifer Granholm proposing federal subsidies. Rep. Marjorie Taylor Greene wants to debate Rep. Alexandria Ocasio-Cortez over the Green New Deal, while a Pennsylvania non-profit has highlighted the "true cost of Washington" under the Biden administration's policies.
https://www.foxnews.com/category/world/green-economy