These current affairs are written in a easy to remember format and are useful for competitive exams like - UPSC Civil Services, UPPSC, BPSC, MPPPSC, State PSCs and other competitive examinations.
U.S. Treasury Department's watchlist
The U.S. Treasury Department had recently retained India in a watchlist for currency manipulators submitted to the U.S. Congress, citing higher dollar purchases (close to 5% of the gross domestic product) by the Reserve Bank of India (RBI).
Another trigger for the inclusion in the currency watchlist is a trade surplus of $ 20 billion or more. India's trade surplus with the U.S. grew by about $5 billion to $23 billion in 2020-21 from around $18 billion in the previous fiscal year.
Central banks buy and sell foreign currency to provide stability in the currency, India's overall reserves have been fairly steady at $500 bn to $600 bn. India is not accumulating reserves like China, which at one point had reserves of $4 trillion,
India had a steady holding pattern of forex reserves "with ups and downs" based on market-based transactions that central banks may undertake.
The US Treasury department defines currency manipulation as when countries deliberately influence the exchange rate between their currency and the US dollar to gain unfair competitive advantage in international trade.
International Relations
South China Sea dispute
Philippine President is willing to deploy military ships to the South China Sea to assert the country's claim over oil deposits in a contested part of the waterway. He has faced growing domestic criticism for his reluctance to confront China over its activities in Philippine-claimed waters.
Read More: South China Sea dispute
International Relations
What is "Boao Forum for Asia" ?
The Boao Forum for Asia (BFA) is an international not for profit organization which was jointly initiated by 26 member states in 2001, the members have now increased to 29.
India is also a member of the BFA.
The founding purpose of BFA was to promote economic integration in Asia. Its mission now is to pool positive energy for the development of Asia and the world.
It is modelled on the World Economic Forum held annually in Davos, Switzerland.
The forum, sometimes known as the Asian Davos, takes its name from the town of Boao, located in China.
The BFA, this year, is celebrating its 20th Anniversary. The opening ceremony of the forum 2021 was recently held in Boao, south China's Hainan Province.
This year's theme is A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation.
An annual report on Asian Economy was released on the occasion.
International Relations
Global Youth Mobilization Local Solutions campaign
It is launched by Tedros Adhanom Ghebreyesu, World Health Organization (WHO) director-general, and climate change activist Greta Thunberg.
The campaign is being supported by six of the world's largest youth organisations and United Nations agencies.
It involves a unique fund for youths in communities impacted by the pandemic.
The International Labour Organization (ILO) termed the current young population as the lockdown generation citing the massive impacts of the pandemic on them.
International Relations