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SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SOURCE
SPX
S&P 500 Index
7473.48
7473.48
7473.48
7506.32
7463.29
+27.75
+ 0.37%
--
--
DJI
Dow Jones Industrial Average
50579.69
50579.69
50579.69
50830.24
50434.65
+294.04
+ 0.58%
--
--
IXIC
NASDAQ Composite Index
26343.96
26343.96
26343.96
26504.55
26309.80
+50.87
+ 0.19%
--
--
USDX
US Dollar Index
98.920
98.920
99.000
99.020
98.860
-0.270
-0.27%
--
--
EURUSD
Euro / US Dollar
1.16394
1.16394
1.16402
1.16487
1.16302
+0.00380
+ 0.33%
--
--
GBPUSD
Pound Sterling / US Dollar
1.34805
1.34805
1.34812
1.34899
1.34497
+0.00527
+ 0.39%
--
--
XAUUSD
Gold / US Dollar
4563.01
4563.01
4563.46
4579.75
4541.13
+53.35
+ 1.18%
--
--
WTI
Light Sweet Crude Oil
91.594
91.594
91.629
91.709
90.097
-4.474
-4.66%
--
--

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China And Russia Have Signed A Memorandum Of Understanding In The Fields Of Antitrust Enforcement And Competition Policy

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The Yield On Japan's 30-year Government Bonds Fell 5.5 Basis Points To 3.955%

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Fuel Oil Futures Contract 2609 Fell 5.58% Intraday, Last Quoted At 3890 Yuan/ton, With A Decrease Of 17,300 Lots In Open Interest During The Day, Indicating A Slight Decline In Open Interest

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The Yield On Japan's 10-year Government Bond Fell 4.5 Basis Points To 2.715%

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Canadian Foreign Minister: Canada Strongly Condemns The Terrorist Attack On A Passenger Train In Pakistan's Balochistan Province That Killed Dozens And Injured Many Others. I Have Contacted The Pakistani Foreign Minister To Convey Canada's Support

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Reserve Bank Of India Governor: The Indian Rupee May Be Undervalued

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Yuanyuan Tan Tian: Cooperation Can Create Space For Shared Development For Both China And The United States

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Shanghai Silver Futures Contract 2608 Rose Nearly 3% Intraday, Last Quoted At 19,136 Yuan/kg, With A Turnover Exceeding 165 Billion Yuan And An Increase Of Over 10,000 Lots In Open Interest. Market Volatility And Trading Activity Remain High

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Bitcoin Demand Has Fallen To Its Lowest Level This Year

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The Yield On Japan's 30-year Government Bonds Fell 5 Basis Points To 3.960%

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China's Central Bank (PBOC) Announced Today That It Conducted 258 Billion Yuan Of 7-day Reverse Repurchase Operations, With Both The Bid And Winning Bids Amounting To 258 Billion Yuan. The Operating Rate Was 1.40%, Unchanged From The Previous Rate

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The Central Parity Rate Of The Yuan Against The US Dollar Was Raised By 55 Basis Points To 6.8318, Reaching Its Highest Level Since February 15, 2023

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Manganese Silicon Futures (2607 Contract) Rose During The Session, With Gains Widening To 2.08%, Currently Trading At 5994 Yuan/ton, With A Turnover Of Approximately 2.798 Billion Yuan. Open Interest Decreased By Nearly 3500 Lots During The Day, Indicating A Trend Of Rising Prices With Reduced Open Interest. Ferrosilicon Futures (2607 Contract) Experienced Increased Volatility, Currently Trading At 6042 Yuan/ton, A Daily Increase Of 3.46%

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The European-Mediterranean Seismological Centre Reports A 4.3-magnitude Earthquake Off The Coast Of Guatemala

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Singapore's Ministry Of Trade And Industry: We Will Continue To Monitor The Situation And Adjust Our GDP Growth Forecast For The Whole Year

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A Monetary Authority Of Singapore (MAS) Official Said The Economic Assessment And Forecasts, Including The Output Gap, Are Consistent With Previous Projections

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A Singapore Monetary Authority Official Stated That The Monetary Policy Stance Remains Appropriate

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A Singapore Monetary Authority Official Said: U.S. Officials Have Suggested That Section 301 Aims To Restore Tariff Rates To Previous Levels

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          The Arakan Army battles for legitimacy

          Justin

          Political

          Tensions in Northern Myanmar

          Summary:

          The Arakan Army (AA) has captured significant territory in Rakhine State and is striving to establish itself as the legitimate government by providing public services and infrastructure.

          The Arakan Army (AA) has captured significant territory in Rakhine State and is striving to establish itself as the legitimate government by providing public services and infrastructure. But the AA faces a legitimacy crisis due to its status as a rebel group, which hampers international recognition and disrupts trade, particularly with Bangladesh.
          The AA's handling of the Rohingya refugee crisis is crucial, as its discriminatory actions and prejudices against the Rohingya undermine its efforts to gain positive international standing. The region is suffering from a severe humanitarian crisis, worsened by Cyclone Mocha and ongoing conflicts, necessitating extensive rebuilding efforts. To achieve legitimacy, the AA must overcome these governance and humanitarian challenges.
          On 20 December 2024, the Arakan Army (AA) announced that it had captured the headquarters of the Myanmar junta’s Western Command — one of 14 similar commands scattered throughout the country. The Western Command was the second to fall into rebel hands, the first being the Northeastern Command, which was taken by the Myanmar National Democratic Alliance Army in August 2024. The AA holds 13 of the 17 townships in Rakhine State and declared in October 2024 that it would transform the whole state into a junta-free zone.
          The AA is attempting to govern the territories it has captured by establishing infrastructure and providing public services, like levying taxes, initiating a vaccine program and introducing a judicial program. But despite significant military advances in 2024, the AA faces considerable obstacles in achieving liberation from Burmese domination, as formulated in their doctrine, ‘The Way of Rakhita’.
          It emphasises the right of Rakhine people to create their own destiny, free from external influence. Having captured a large swath of territory and enjoying popular support from Arakanese people, the AA has begun portraying itself as the legitimate government of Arakan by creating so-called ‘departments’ to implement policies and provide public services.
          But the AA is experiencing an international legitimacy crisis. Its status as a rebel group has hindered its attempt to engage with other countries on an equal basis. Though Bangladeshi authorities initially declined any contact with the AA, the country’s home advisor admitted that the government maintains links with both the AA and the junta to protect Bangladeshi interests.
          The Myanmar–Bangladesh border being under AA control has prompted Bangladesh to establish an unofficial channel with the AA. Yet the AA still has a long way to go before being recognised as the legitimate government of Arakan.
          Trade between Rakhine State and Bangladesh has halted. The last cargo vessel to leave Maungdaw in Rakhine State arrived in Bangladesh on 3 December 2024. Though the AA has attempted to revive stalled trade, Dhaka has not responded favourably. In December 2024, a consignment of rice sacks, accompanied by a tax receipt signed by an AA official was seized at a Bangladeshi port.
          There is some hope that the AA will gain recognition. In March 2024, representatives from the AA met with an Indian MP to discuss the construction of a road under the Indian-funded Kaladan Multi-Modal Transit Transport Project. This indicates it may only be a matter of time before both domestic and foreign stakeholders engage with the new reality in Arakan.
          Whether Bangladesh will establish a relationship with the AA partially depends on whether the AA is willing to accept Rohingya refugees. Bangladesh’s foreign advisor has stressed that ‘peace and stability in the region would remain unattainable without resolving the Rohingya crisis, which necessitates their safe and secure repatriation to Myanmar’.
          Bangladesh has declared that it will no longer accept additional Rohingya refugees. With the AA having near–complete control of Rakhine State, the responsibility falls on the AA to take the lead in repatriation efforts. The way in which the AA handles the issue could affect its image internationally.
          Rohingya activists stationed in third countries consistently criticise the AA’s high-handed treatment of Rohingya civilians. 28 Rohingya organisations have called on the AA to uphold the rights of ethnic minorities. A report published in November 2024 states that the AA killed dozens of Rohingya with aerial bombs in August and forcibly evacuated them from Maungdaw town without providing assistance. These events underscore the tension between the AA and the Rohingya population.
          The AA harbors prejudices against the Rohingyas, describing Rohingya armed groups such as the Arakan Rohingya Salvation Army as ‘Muslim extremists’. This attitude stems from the fact that these groups collaborated with the junta and were involved in violence. The junta’s forceful conscription of Rohingyas into the military only exacerbated existing racial conflict. The way in which the AA resolves the Rohingya issue will decide whether it is hailed as a benevolent force or condemned as another genocidal armed actor.
          International human rights watch group Fortify Rights recently published a statement condemning AA for human right violations. The statement cited footage of AA soldiers torturing and executing two individuals who seem to be captured Rohingya soldiers from the junta’s army and urged the International Criminal Court (ICC) to investigate. Although AA had admitted to the killings, it had rejected the ICC’s involvement as unnecessary, arguing that it has necessary mechanisms in place to deal with such cases. The case is one among many in which the international perception of AA can change due to the way it handles Rohingya issues.
          Beyond the Rohingya question, the Arakan region as a whole faces a severe humanitarian crisis. The AA’s siege and the junta’s irresponsibility have caused starvation in some towns and the conflict has led to insufficient medical aid. Those fleeing Arakan to other regions are facing various difficulties, such as rising rents, discrimination and restriction on movement. Refugees sheltering in the Ramree township are in need of urgent help and 2 million Rakhine residents are on the brink of starvation. Cyclone Mocha — which made landfall on Rakhine coast — destroyed basic infrastructure and 85 per cent of existing camps for internally displaced persons (IDP). In Sittwe, only 10,634 of the 76,090 IDPs received assistance. Some people do not have homes to return to, as towns and villages were razed by the junta’s airstrikes. The AA needs to rebuild the Arakan region from scratch before it can function fully again — with much left to do for the AA to become a legitimate government.
          Htet Hlaing Win is a former student at University of Yangon, Myanmar. He now works as a contributor to Myanmar session for Asia in Review published by the German-Southeast Asian Center of Excellence for Public Policy and Good Governance.

          Source:Eastasiaforum

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