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China expands cross-border use of RMB

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By Wang Junling, People’s Daily

The Ministry of Commerce and the People’s Bank of China recently jointly released a notice on further supporting foreign economic and trade enterprises in expanding the cross-border use of RMB to facilitate trade and investment.
The notice made deployment in supporting RMB settlement for trading in bulk commodities, supporting foreign investors to invest and reinvest in China with RMB, and expanding the use of RMB in overseas economic and trade cooperation zones, so as to nurture a sound environment for the cross-border use of RMB.
Market participants generally believe that RMB cross-border investment and financing, as well as settlement, are becoming more stable and convenient as China gains an increasingly closer economic relationship with the world.
To further improve the fundamental institutional system for the cross-border use of RMB helps promote a virtuous circulation of the currency in both onshore and offshore markets, and will enable Chinese and foreign market entities to launch more efficient cooperation for win-win outcomes.
Today’s China is dubbed the “world factory” because it ranks first in the world in the production of 220 types of industrial products. It is also a “world market” that boasts 1.4 billion people and the world’s largest middle-income group. Besides, the country remains the biggest or most important trading partner for more than 120 countries and regions.
For many economies, RMB settlement will not only save conversion costs of foreign exchange but
A message released by the Argentine Embassy in China on Jan. 9 excited Wang Shicheng, general manager of a foreign trade company in Shanghai. According to the message, Argentina’s central bank announced to expand a currency swap deal with China, which included a special activation of 35 billion yuan to compensate operations on the foreign exchange market.
It is learned that Wang and his Argentine partners used to settle in U.S. dollars. However, the high and frequent fluctuations in the exchange rate of the U.S. dollar against the Chinese yuan and the Argentine peso in recent years have put huge pressure on him and his partners.
Therefore, the Chinese businessman and his Argentine partners have always hoped to settle with RMB for their cross-border trade.
“At the fifth China International Import Expo held last November, we agreed to import 20 containers of wine from Argentine and French wineries. The further expansion of the use of RMB is definitely good news to us,” Wang told People’s Daily.
According to the latest statistics released by China’s State Administration of Foreign Exchange (SAFE), RMB receipts and payments accounted for nearly 50 percent of the country’s cross-border receipts and payments in 2022, up more than 20 percentage points from 2016.
Due to high inflation and tight monetary policy in major economies, the U.S. dollar index vaulted to a 20-year high last year while major currencies, including the euro, yen, and British pound plunged to new lows in the past 20 to 30 years, said SAFE spokesperson Wang Chunying.
The increasing ratio of the use of RMB in cross-border settlement will help reduce currency mismatch risks in cross-border trade, Wang added.
Accroding to Liu Cheng, an associate professor at China’s Nankai University, cross-border RMB settlements related to real economy have kept growing rapidly in recent years, with bulk commodities and cross-border e-commerce sectors emerging as new areas of growth. Two-way cross-border investment activities were dynamic, Liu added.
As the exchange rate of the RMB maintains general stability and bi-directional volatility, the internal demand of market entities for using RMB to avoid exchange rate risks is gradually growing, Liu told People’s Daily.
“The notice will help improve the quality of the supply of financial services in the cross-border use of RMB, better meet the demand of market entities under multiple scenarios such as foreign trade, foreign investment, and contracting overseas engineering projects. It will make the ‘cross-border stage’ of RMB much bigger,” Liu said.
Today, RMB cross-border settlement has become a choice for more and more enterprises. Tang Hongxia with the international site of Alibaba.com, a Chinese online B2B marketplace, said the new measures raised by the notice will further improve the willingness of overseas clients to settle in RMB.
“As a matter of fact, compared with the share of RMB in international payment under the Society for Worldwide Interbank Financial Telecommunications and the weighing of the currency in the International Monetary Fund’s currency basket, known as Special Drawing Rights, the proportion of RMB in the global exchange market is still low. It means enterprises still enjoy a huge potential in the cross-border use of RMB,” Liu said.

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Trump revokes security details for Biden’s children

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WASHINGTON — President Donald Trump has revoked Secret Service protection for Hunter and Ashley Biden, the adult children of former President Joe Biden, marking another step in his efforts to target political opponents.

In a post on his Truth Social platform Tuesday, Trump criticized what he called an excessive security detail for Hunter Biden, claiming he had up to 18 agents protecting him. He also announced that Ashley Biden’s security detail, reportedly consisting of 13 agents, would be withdrawn.

“Please be advised that, effective immediately, Hunter Biden will no longer receive Secret Service protection. Likewise, Ashley Biden… will be taken off the list,” Trump wrote.

Federal law grants lifelong Secret Service protection to former presidents and their spouses, while their children receive coverage only until age 16. However, adult children of presidents often receive extended protection for a period of time.

A Secret Service spokesperson confirmed Trump’s directive, stating, “We are aware of the President’s decision to terminate protection for Hunter and Ashley Biden. The Secret Service will comply and is actively working with the protective details and the White House to ensure compliance as soon as possible.”

Hunter Biden has long been a focal point of Republican criticism, with attacks intensifying after his father pardoned his tax and gun-related convictions before leaving office in January. On Monday, Trump declared that those pardons were void, a move with unclear legal standing.

Since returning to office in January, Trump has also revoked security clearances for Joe Biden, former Secretary of State Mike Pompeo, former National Security Adviser John Bolton, and Dr. Anthony Fauci, who led the country’s COVID-19 response.

The White House defended the decision, with Press Secretary Karoline Leavitt stating in January that individuals are “not entitled to security protection and clearances for life.”

During his first presidency, Trump extended Secret Service protection for six months to his four adult children and several senior officials, a move that cost taxpayers $1.7 million, according to The Washington Post.

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RIVERS CRISIS: Process for impeaching a governor

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The Nigerian Constitution, under Section 188, details the process for the impeachment of a state governor, requiring a structured legal framework that ensures due process and fairness.

According to the provision, impeachment begins when at least one-third of the members of the State House of Assembly sign a written notice accusing the governor of gross misconduct. The allegations must be clear, specific, and detailed to avoid ambiguity.

Once the notice is received, the Speaker of the House has seven days to serve a copy to the governor and distribute the governor’s response to all assembly members.

Within 14 days, the House must vote on whether to investigate the allegations. This decision is made by motion without debate and requires a two-thirds majority to proceed. If passed, the Chief Judge of the state is mandated to appoint a seven-member panel within seven days to investigate the allegations. This panel must be composed of individuals who are not members of a legislative house, public service, or political party.

During the investigation, the governor has the right to defend himself personally or through legal representation. The panel has three months to complete its inquiry and submit its findings to the assembly.

If the panel concludes that the allegations lack proof, the impeachment process is terminated. However, if the panel finds the allegations proven, the assembly must, within 14 days, vote on the report. A two-thirds majority vote in favor results in the governor’s immediate removal from office.

This process ensures that impeachment is not arbitrary but follows a clear legal and procedural path, reinforcing democratic accountability in governance.

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Four suspected kidnappers shot dead in gun battle with police in Delta

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Asaba, Nigeria – Operatives of the Delta State Police Command have killed four suspected kidnappers in a gunfight and recovered an AK-47 rifle with a magazine, according to a statement by the state’s Police Public Relations Officer, Bright Edafe.

Edafe said the police had earlier arrested a suspect on March 9, 2025, while he was attempting to buy ammunition for an AK-47 rifle. During interrogation, the suspect revealed the rifle’s location, leading the police to a bush along the railway line in Agbarho. Upon arrival, the gang engaged the police in a fierce shootout, leaving four suspects with fatal gunshot wounds.

The injured suspects were taken to the General Hospital in Ughelli, where they were later confirmed dead. Their bodies have been deposited in the morgue as police intensify efforts to track down other fleeing gang members.

In a separate operation, police operatives arrested a suspected kidnapper in Ibusa, Oshimili North Local Government Area.

Edafe revealed that on March 12, 2025, a resident of Ibusa reported to the police that his friend’s wife had been kidnapped on March 7, 2025, and a ransom was paid. He also disclosed that he was responsible for delivering the ransom and food items to the kidnappers.

Acting on this information, the Divisional Police Officer (DPO) of Ibusa mobilized a team alongside local vigilantes and stormed a bush hideout, leading to the arrest of Abdulahi Isah, a suspected member of the gang.

The suspect is currently in custody, and investigations are ongoing.

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