Wang Yi Urges Global Dialog as China Backs Hong Kong for Mediation Hub

China's Foreign Minister Wang Yi urged countries to look beyond zero-sum thinking and resolve disputes through dialog, as he signed a convention to set up a global mediation organization in Hong Kong.
Speaking Friday on his first visit to the financial hub in three years, Wang highlighted the city's return to Chinese rule as a successful example of solving an international dispute using peaceful means.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

7 minutes ago

• Yahoo

Japan Flags Big Cut to Long-End Bond Issuance Before Auction

(Bloomberg) -- Japan's larger-than-expected cut to super-long bond issuance has potential to ease some upward pressure on yields just before an auction this week that risks reigniting turmoil in the debt market. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice One Architect's Quest to Save Mumbai's Heritage From Disappearing NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports The move by the finance ministry may also prove fortuitous in light of the US attack on Iranian nuclear sites over the weekend. The escalating military action adds to the dangers for super-long yields via higher oil prices and inflation. Japanese government bonds dropped on Monday morning in Tokyo, while the 10-year yield was up two basis points to 1.415%. While the conflict in the Middle East will complicate the picture in markets, the plan to reduce sales of 20-, 30- and 40-year bonds by a total of ¥3.2 trillion ($22 billion) through March next year was initially judged by rates strategists in Tokyo as a calming factor for trading in this key sector. The changes were presented by officials late Friday during a meeting with primary dealers. 'The bond market is being weighed down by concerns over rising oil prices and the upcoming 20-year bond auction,' said Naoya Hasegawa, chief bond strategist at Okasan Securities. But 'the direction of supply and demand for super-long government bonds has become clearer after the revised issuance plan.' The latest plan includes a reduction in 20-year bond sales that is twice the size suggested in earlier draft documents seen by Bloomberg and other media. A poorly received auction of this maturity debt last month set a fire under super-long yields in Japan and that spread in global markets. 'The ministry publicized its revised plan sooner than anticipated to ward off the risk of a failed 20-year bond auction on June 24 and to avert the market volatility seen in May,' Shoki Omori, chief strategist at Mizuho Securities Co., said immediately after the news. 'In light of these announcements, super-long-term auctions are poised to regain a measure of stability.' The positive impact the ministry may have through adjusting issuance doesn't overcome the challenge to Japan posed by consumer prices that are rising at the fastest pace in several years, and an election this summer which is likely to encourage more government spending. The changes presented Friday also risk shifting some of the problem, rather than eliminating it, by increasing issuance of shorter-dated debt. 'Whether the decline in liquidity and high volatility in super-long bonds will improve will depend on if there is solid demand in the upcoming 20 and 30-year bond auctions,' Mari Iwashita, executive rates strategist at Nomura Securities Co., said Friday. Still, she noted that the extra reduction for the 20-year bond issuance is 'positive for the bond market.' The 30-year auction is set for July 3. Katsutoshi Inadome, a senior strategist at Sumitomo Mitsui Trust Asset Management Co., said it was puzzling that the ministry had now moved so aggressively to reduce 20-year bonds rather than the 30-year maturity, where there are also supply and demand issues. He said on Friday there was still a possibility that the reduction in 30-year bonds could be expanded further. The planned revision to issuance was the second move by policymakers last week to respond to challenges that have emerged in Japan's bond market. The Bank of Japan said earlier in the week that it would slow down its withdrawal from the market from next year in a move aimed at ensuring stability. A ministry official briefing reporters Friday said that the plan would likely become officially approved on Monday or Tuesday. On buybacks, the official said that some market participants had asked for purchases of super-long bonds while others said buybacks would hurt the autonomy of the market. The ministry wasn't working on implementing buybacks for now, and that was not something that could be implemented soon. More details of the bond-issuance changes: 40-year bond issuance will be cut by ¥0.5 trillion to ¥2.5 trillion 30-year bond issuance will be cut by ¥0.9 trillion to ¥8.7 trillion 20-year bond issuance will be reduced by ¥1.8 trillion to ¥10.2 trillion 2-year bond issuance will be increased by ¥0.6 trillion to ¥31.8 trillion 1-year issuance will be increased by ¥0.3 trillion to ¥38.7 trillion 6-month issuance will be increased by ¥1.8 trillion to ¥4.2 trillion Overall issuance of bonds to the market will edge down by ¥500 billion to ¥171.8 trillion for the year --With assistance from Masahiro Hidaka and Hidenori Yamanaka. (Updates with Monday's JGB moves and adds comment.) Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Yahoo

8 minutes ago

• Yahoo

Xiaomi to unveil prices for new YU7 SUV at June 26 launch

SHANGHAI (Reuters) -Xiaomi's CEO Lei Jun said on Monday that the firm plans to hold an official launch event for its new YU7 electric sports utility vehicle on Thursday, where it is expected to announce pricing and start taking orders. Lei made the announcement on his Weibo account. Xiaomi earlier announced specifications for its second EV model in May. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Bloomberg

40 minutes ago

• Bloomberg

IMF Watching Iran Situation 'Very Closely'

The Asia Trade IMF Managing-Director Kristalina Georgieva tells Bloomberg TV that the US strikes on Iran are another source of uncertainty in an already highly uncertain environment. (Source: Bloomberg)