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China to launch digital yuan” or “e-CNY” Jan 1

People’s Bank of China (PBoC) Deputy Governor Lu Lei, said “The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system.”

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Image: China digital currency

China will on January 1 launch an “action plan” for boosting management and operations of its digital currency, a deputy governor of the country’s central bank said Monday.

AFP reports that monetary authorities around the world have in recent years been exploring ways to digitalise currencies, propelled by a boom in online payments during the pandemic and the increased popularity of cryptocurrencies such as bitcoin.

People’s Bank of China (PBoC) Deputy Governor Lu Lei, said “The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system.”

In the next step towards that goal, a “new generation” arrangement for digital yuan will be launched on January 1, Lu said, encompassing a “measurement framework, management system, operating mechanism and ecosystem”.

The “action plan” will see banks pay interest on balances held by clients in digital yuan — a move to incentivise broader adoption of the currency.

The plan also includes a proposal to establish an international digital yuan operations centre in the eastern financial hub of Shanghai, the report said.

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International

Zimbabwe Wins UN Security Council Seat for 2027-2028

The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.

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Zimbabwe has been elected to a non-permanent, two-year term on the United Nations Security Council, the third time the country will be represented on the body mandated to maintain international peace and security.

Voice of Nigeria reports that the other countries that secured seats around the iconic horseshoe table are Austria, Portugal, Trinidad and Tobago, and Kyrgyzstan.

The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.

Austria and Portugal won the two seats allocated to the Western European and other States (WEOG) Group, while Trinidad and Tobago and Zimbabwe were elected from the Latin American and Caribbean Group and the African Group, respectively.

Kyrgyzstan secured the Asia-Pacific seat after defeating the Philippines in four rounds of voting.

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International

Finland’s president says EU should expand to 40 states — including Canada

His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.

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Finland’s president Alexander Stubb

Finnish President Alexander Stubb has stressed the need for a much larger European Union, saying the 27-nation bloc should increase its membership to 40 states and named the U.K., Canada, Turkey, Norway and Iceland as potential candidates to join.

Stubb made the call at an energy conference in the Finnish capital on Wednesday.

His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.

Stubb told the Eurelectric Power Summit that “the window of opportunity” for EU enlargement “is quite short because when the war in Ukraine ends and perhaps when the U.S. administration changes, I don’t know, then people are going to take their foot off the gas pedal and start heckling about unnecessary stuff again.”

Stubb added that “European strategic autonomy or European geopolitical power” is “often based on size and scale and I think the best European policy ever has been European enlargement.”

“In this moment, we need to think big and geographically, we need to enlarge or at least create memberships which are flexible enough to bring in a sum total of 40 European states — or even non-European,” Stubb said.

Finland’s president said the EU should look to its western flank and bring the U.K., which left the bloc in 2020, back into the fold, or at least “as close as possible

.”Canada should be considered as another option, Stubb said. “Wouldn’t it be lovely if Canada was the 28th state of the European Union rather than the 51st state of the United States?”

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International

Iran Kuwait’s airport attack injures 63

Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.

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Today Wednesday June 3: Kuwait International Airport was hit by Iranian drones.

An Iranian attack on Kuwait’s airport wounded at least 63 people on Wednesday, the health ministry said, with authorities earlier reporting one person killed.

Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.

This includes serious injuries… including head wounds, cerebral hemorrhages, amputations and injuries resulting from explosions.”

An airport source told AFP that the death in Kuwait was an Indian national at the airport.

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