China Says 'Rampant' US Protectionism Threatens Agricultural Ties

FILE PHOTO: A worker wearing a face mask works on a production line manufacturing soybean-based food products at a factory in Hefei, Anhui province, China February 4, 2020. China Daily via REUTERS
FILE PHOTO: A worker wearing a face mask works on a production line manufacturing soybean-based food products at a factory in Hefei, Anhui province, China February 4, 2020. China Daily via REUTERS
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China Says 'Rampant' US Protectionism Threatens Agricultural Ties

FILE PHOTO: A worker wearing a face mask works on a production line manufacturing soybean-based food products at a factory in Hefei, Anhui province, China February 4, 2020. China Daily via REUTERS
FILE PHOTO: A worker wearing a face mask works on a production line manufacturing soybean-based food products at a factory in Hefei, Anhui province, China February 4, 2020. China Daily via REUTERS

US protectionism is undermining agricultural cooperation with China, Beijing's ambassador to Washington said, warning that farmers should not bear the price of the trade war between the world's two largest economies.

"It goes without saying that protectionism is rampant, casting a shadow over China-US agricultural cooperation," said Xie Feng, according to the transcript of a speech published by the Chinese embassy on Saturday.

Agriculture has emerged as a major point of contention between China and the US as the superpowers are locked in a tariff war launched by President Donald Trump, Reuters reported.

China in March slapped levies of up to 15% on $21 billion worth of American agricultural and food products in retaliation for sweeping US tariffs. Washington and Beijing this month extended a truce for 90 days, staving off triple-digit duties on each other's goods.

US agricultural exports to China fell 53% in the first half of the year from the same period in 2024, with a 51% decline in soybeans, Xie said in the speech to a soybean industry event in Washington on Friday.

"American farmers, like their Chinese counterparts, are hardworking and humble," Xie said. "Agriculture should not be hijacked by politics, and farmers should not be made to pay the price of a trade war."

The envoy said agriculture is a promising area of cooperation and a "pillar of bilateral relations". China has a comparative advantage in labor-intensive products, while the US excels in land-intensive bulk commodities through mechanized, large-scale production, he said.

Last month, US Agriculture Secretary Brooke Rollins said Washington would curb farmland purchases by "foreign adversaries," including China.

The Department of Agriculture said it had fired 70 foreign contract researchers after a national security review intended to secure the US food supply from adversaries including China, Russia, North Korea and Iran.

Xie dismissed the US concerns. "Chinese investors hold less than 0.03% of US agricultural land, so where does the claim of 'threatening US food security' even come from," he said, calling the US restrictions a "political manipulation".

US soybean exporters risk missing out on billions of dollars worth of sales to China this year as trade talks drag on and buyers in the top oilseed importer lock in cargoes from Brazil for shipment during the key US marketing season, traders say.



China Says to Launch Digital Currency Action Plan

People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
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China Says to Launch Digital Currency Action Plan

People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
People walk past a shopping mall in Beijing on December 28, 2025. (AFP)

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.

"The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system," People's Bank of China (PBoC) Deputy Governor Lu Lei wrote in Financial News, a media outlet under the central bank.

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 incentivize broader adoption of the currency.

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

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

The PBoC has been working on a digital currency since 2014 and has been testing the use of a "digital yuan" or "e-CNY" in various pilot programs.

Consumers across the country already widely use mobile and online payments, but the digital yuan could allow the central bank -- rather than the big tech giants -- access to more data and control over payments.


Bulgaria Prepares for the Euro amid Excitement and Skepticism

People shop in a Lidl store, as prices are displayed in both the Bulgarian lev and euro currencies, ahead of Bulgaria's adoption of the euro on January 1, 2026, in Sofia, Bulgaria, December 18, 2025. (Reuters)
People shop in a Lidl store, as prices are displayed in both the Bulgarian lev and euro currencies, ahead of Bulgaria's adoption of the euro on January 1, 2026, in Sofia, Bulgaria, December 18, 2025. (Reuters)
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Bulgaria Prepares for the Euro amid Excitement and Skepticism

People shop in a Lidl store, as prices are displayed in both the Bulgarian lev and euro currencies, ahead of Bulgaria's adoption of the euro on January 1, 2026, in Sofia, Bulgaria, December 18, 2025. (Reuters)
People shop in a Lidl store, as prices are displayed in both the Bulgarian lev and euro currencies, ahead of Bulgaria's adoption of the euro on January 1, 2026, in Sofia, Bulgaria, December 18, 2025. (Reuters)

Bulgarian banks, businesses and shoppers were preparing this week to say goodbye to ​the lev currency ahead of a move to adopt the euro on January 1, a long-awaited milestone met with excitement, skepticism and, in some corners, anger.

Bulgaria, a Black Sea country on the European Union's southeast frontier, will be the 21st country to join the euro currency zone after it met the formal entry criteria this year, including for inflation, budget deficit, long-term borrowing costs and exchange-rate stability.

It comes two years after Croatia joined in January 2023 - the last country to do so - and ‌will push ‌the number of Europeans using the currency to more ‌than ⁠350 ​million. Becoming a ‌member of the euro zone, apart from using euro notes and coins, also means a seat at the European Central Bank's rate-setting Governing Council.

While successive Bulgarian governments have tried to make the step since joining the EU in 2007, the Balkan country of 6.7 million people is split on the issue, polls show, although businesses are largely in favor.

SUSPICIONS AMONG SOME BULGARIANS

Some fear it will push up prices, or are suspicious of ⁠a domestic political establishment in the throes of a crisis that saw the government step down this month ‌amid widespread protests against proposed tax increases.

In a country with ‍historic cultural and political ties to Russia, ‍many are wary of further allegiance to Europe.

“I am against it, first ‍because the lev is our national currency," said Sofia pensioner Emil Ivanov, interviewed while shopping. "Secondly, Europe is heading towards demise, which even the American president (Donald Trump) mentioned in the new national security strategy.

"I may not be alive when this (the EU's demise) happens but that is where everything ​is going."

BUSINESSES HAVE BEEN PREPARING

Some political analysts said the campaign promoting the euro has been weak, and that older people, especially in ⁠remote areas, will struggle to adapt. They said a lack of stable government may further complicate the change.

Still, in the streets and stores of Sofia, businesses have been preparing. Prices of everything from fruit to bottles of wine are displayed in both levs and euros. Government-funded billboards show the euro-lev exchange rate with a message saying: "Common past. Common future. Common currency." Television adverts have also flagged the coming change.

Some have welcomed the move. "Not only older people but also all young people can easily travel using euros instead of having to exchange currency," said Veselina Apostovlova, a pensioner shopping in Sofia.

Businesses that sell goods across borders were also supportive.

Natalia Gadjeva, owner of the Dragomir Estate Winery in the Thracian ‌Valley, told Reuters: "For me, the most important thing is that all operations involving currency conversion and reissuing invoices in euros and then in levs will be eliminated."


Oil Rises as Investors Weigh Outcome of Trump–Zelenskiy Meeting

Vehicles drive past the El Palito refinery in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP)
Vehicles drive past the El Palito refinery in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP)
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Oil Rises as Investors Weigh Outcome of Trump–Zelenskiy Meeting

Vehicles drive past the El Palito refinery in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP)
Vehicles drive past the El Palito refinery in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP)

Oil prices rose on Monday as investors weighed the outcome of talks between the US and Ukrainian presidents on a potential ​deal to end the war in Ukraine, as well as Middle East tensions that could disrupt supply.

Brent crude futures rose 67 cents, or 1.1%, to $61.31 per barrel at 0751 GMT, while US West Texas Intermediate crude was up 65 cents, or 1.15%, to $57.39.

Both benchmark prices fell more than 2% on Friday as investors weighed a looming global supply glut and ‌the possibility of a ‌Ukraine peace deal ahead of weekend ‌talks between ⁠Ukrainian ​President ‌Volodymyr Zelenskiy and US President Donald Trump.

Trump said on Sunday that he and Zelenskiy were "getting a lot closer, maybe very close" to an agreement to end the war in Ukraine, while acknowledging that the fate of the disputed Donbas region remains a key unresolved issue.

The two leaders spoke at a ⁠joint press conference late Sunday afternoon after meeting at Trump's Mar-a-Lago resort in Florida. ‌Trump said it will be clear "in ‍a few weeks" whether negotiations to ‍end the war will succeed.

The peace talks did not ‍reach an agreement on territorial issues, so a Russia–Ukraine peace deal may remain deadlocked with no quick breakthrough, said Mingyu Gao, energy and chemical chief researcher at China Futures.

The reason prices are rising also includes ​that geopolitical tensions remain elevated, as Russia and Ukraine continued striking each other's energy infrastructure over the weekend, said Yang ⁠An, a China-based analyst at Haitong Futures.

"The Middle East has also been unsettled recently, in Yemen and Iran saying the country is in a 'full-scale war' with the US, Europe, and Israel. This may be what's driving market concerns about potential supply disruptions," Yang added.

WTI is expected to trade within a $55-$60 range with an eye also on US enforcement actions against Venezuelan oil shipments and any fallout from the US military strike against ISIS targets in Nigeria, which produces about 1.5 million barrels ‌per day, IG analyst Tony Sycamore said in a note.