Hong Kong will end mandatory quarantine for inbound travelers
- Hong Kong will abandon mandatory quarantine for travelers who arrive in Hong Kong from September 26, more than two years after imposing this COVID restriction. Inbound travelers will only be banned from entering some places, including restaurants, in the first three days upon their arrival. The city has been one of the economies in the world that have the toughest pandemic rules.
U.S. faces talent outflow amid tensions with China
- More than 1,400 U.S.-trained scientists of Chinese descent have quit their tenured positions at leading U.S. universities for Chinese ones in 2021, up 22% from 2020 and nearly 200% from 2010. The full research by Asian American Scholar Forum will be published today, The Wall Street Journal reported.
Wall Street executives testify over China ties
- Yesterday, the U.S. House Financial Services Committee held a hearing with seven CEOs of the country’s largest retail banks. Rep. Blaine Luetkemeyer (R-MO) asked Citigroup’s Jane Fraser whether the bank would exit China if Beijing tried to take Taiwan by force. Like her peers from other banks, Fraser said her bank would act in line with the U.S. government guidance. Luetkemeyer then pressed her to answer what Citigroup would do if it could respond as it wished. Fraser replied: “It’s a hypothetical question, but it’s highly likely that we would have a materially reduced presence if any at all in the country.”
Russia, China, Iran to hold joint exercises in Indian Ocean
- Navies of Iran, Russia, and China will hold their fourth joint exercises in the northern Indian Ocean this fall, Iran’s state media reported. The countries carried out their first joint naval drills in the Gulf of Oman in December 2019, the second in the Indian Ocean in February 2021, and the third in the Gulf of Oman early this year. Countries such as Oman and Pakistan could join this the coming operation, as well.
Tokyo launched first intervention in yen in 24 years
- On Thursday, the Bank of Japan bought yen from the foreign exchange market for the first time since 1998. The move soon brought the currency back past 141 per U.S. dollar from beyond 145, its lowest level against the dollar in 24 years. However, analysts say Japan’s $1.29 trillion foreign exchange reserves would be far from sufficient to invert the trend of the yen’s depreciation.
Italy’s election comes on Sunday
- Italy’s far-right populist party, led by Giorgia Meloni, is on track to win Italy’s general election on Sunday. The expected victory of the Brothers of Italy (Fratelli d’Italia) and its right-leaning allies would mean a significant political shift for Rome for decades. The country’s last far-right leader in power was Benito Mussolini, the creator of Fascism and Italy’s Prime Minister from 1922 to 1943.