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NEWS IN CHINA

• China-South Korea Renew Yuan-Won Currency Swap Agreement: The People’s Bank of China (PBoC) and the Bank of Korea renewed their currency swap agreement for another five years, which is expected to promote bilateral trade cooperation between the two countries. The swap line remains the same as was approved by China’s State Council in October 2020, at 360 billion - 400 billion yuan (USD 56.2 billion). This renewal is part of the 10 cooperation agreements, including on trade, finance, law enforcement, agriculture and more, that  the two countries signed on the sidelines of the 32nd APEC Economic Leader’s Meeting in Gyeongju, South Korea. The PBoC has currency swap agreements with up to  32 countries, with a combined value of 4.5 trillion yuan (USD 631 Billion). The first China-South Korea swap agreement was signed in 2008 with subsequent renewals in 2011, 2014 and 2017. 

• National Health Commission Calls For Broader AI Application in the Health Sector: China’s health sector regulator, National Health Commission and four other authorities, released a document to promote broader application of AI in the country’s health sector. The document also called for use of intelligent diagnosis and treatment assistance across primary-level medical institutions, including in community and village clinics by 2030. Hospitals at or above the second tier would adopt intelligent medical-imaging diagnosis and clinical decision-making support technologies. It further suggested expanding AI use in patient services to help hospitals offer intelligent services throughout the entire treatment including precise appointment-scheduling, triage, and pre-diagnosis and follow-up services. Additionally, the document outlined China’s plans for intelligent epidemiological investigation systems to provide medical support for infectious diseases. 

• China Expands 240-hour Visa-free Transit Policy: China’s National Immigration Administration (NIA) announced that its 240 hour visa free transit policy will be extended to five new ports, bringing the total up from 60 to 65 ports. The expansion is done in five ports in Guangdong province while also introducing an online foreign entry card system for foreign travellers. Travelers from 55 countries can transit through these ports in 24 provincial-level regions for up to 10 days without a visa. Under the new rules, Taiwan residents can apply for a single-entry Mainland Travel Permit at the port itself if they arrive without valid mainland travel documents. Mainland residents looking for family visit endorsements for travel to and from Taiwan can apply at any entry/exit port nationwide. The mainland talent visa for Hong Kong and Macau has also been broadened, allowing multiple entry visas in more regions beyond the three pilot ones. These steps follow a recent CPC Central Committee meeting emphasizing high-level opening and greater international engagement. 

• New Debt Management Department Set Up to Tackle Government Debt: China’s Finance Ministry has set up a dedicated department for managing government debt under the leadership of  Li Dawei. Li previously worked in the budget department and also led a ministry-affiliated government debt research and evaluation centre as its director. The department’s main duties include implementing policies for reducing debt, and helping to set quotas for government bonds. This comes as part of Beijing’s broader campaign to clear up local governments massive hidden debt, off balancing sheet borrowing through platforms like local government financing vehicles (LGFVs). Finance Minister Lan Fo’an earlier emphasized stricter local debt limits, enhanced lifecycle management of special bonds, unifying implicit and statutory debt oversight and increasing transparency. 

• China Carries Out Test Flight for Helicopter Drone: The Chinese United Aircraft Technology developed and successfully tested the Boying T1400 heavy-lift tandem-rotor drone, a Chinese Chinook style unmanned helicopter capable of operating in extreme conditions like the Himalayas and the South China Sea. The T1400 has a maximum take-off weight of 1,400kg (3,090lbs) and a payload of up to 650kg (1,430lbs), and resembles the Boeing Chinook CH-47 in service with the US Army. The T1400 has the capabilities to stay in the air for around 8 hours enabling it to cover distances around 900 kms without refuelling. According to the manufacturer, the T1400 resolves concerns in previous industrial grade drones, which had limited payload and flight duration capabilities. The drone is expected to help boost resupply capabilities in higher altitude and remote areas with cross-regional logistics delivery and long-distance patrolling capacity. The T1400 also aims to facilitate agricultural spraying when compared to multilateral drones, covering an area of 133 hectares (328 acres)  per hour.
  
  

SOCIAL MEDIA CHATTER 

Drop in Gold Prices Sparks Reactions From Netizens: The price of gold dropped by 69 yuan overnight on the third of November, which is as much as 0.5% of the total price of gold. Domestic brands in the gold trade showed mixed trends in prices, with brands like Liao Miao seeing a reduction of 69 yuan in their gold prices and Chow Sang Sang only seeing 3 yuan/gram reduction. Also worth noting is that some brands like Chow Tai Fook continued to see an increase in gold prices, with its price going up by 6 yuan/gram from the previous day. Under these circumstances, the hashtags  #International Gold Prices Continue to Plunge and #Gold Jewellery prices drop by 69 yuan per gram overnight# are currently trending on Weibo. The hashtags attracted reactions from social media users, with many saying that they would wait for it to fall more, while some expressed that they would buy if it falls 400 or 600 yuan more. Some questioned as to why a small drop in prices matters when they have been increasing continuously for some time now. While most netizens anticipated that gold prices would continue to drop, one noted that prices have continuously risen since the recent tax rate announcement. 

INDIA WATCH

Chinese Media Discusses the Role of RBI in Stabilising Rupee’s Weakening: A Chinese media platform Sina Finance reported on the rupee’s strengthening on Tuesday, noting Reserve Bank of India (RBI)’s intervention to save the rupee from record lows. The article states that the rupee rose as much as 0.4% on Tuesday, which was its biggest rise since October 15, reaching 88.39 rupees against the dollar, as opposed to the 88.8 rupees on Monday. It states that the RBI intervened shortly before trading began, selling its dollar reserves in the offshore markets to stabilise the falling rupee. This resulted in rupee becoming the best performing currency in Asia on Tuesday as most major currencies continue to fall amid current global uncertainties. It also argues that Indian authorities have been selling dollars in small amounts in recent days to avoid inflation and encourage foreign investors.

Prepared By

Kanav Aggarwal

Kanav Aggarwal is an undergraduate student majoring in International Relations and minoring in Literary and Cultural Studies at FLAME University. He is Passionate about geopolitics, defence strategy, and international security. Through his studies and research experience, he aims to deepen his understanding of global power dynamics and contribute analytical insights to the team’s ongoing projects.