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Chinese Envoy urges greater use of RMB for trade between China and Lanka

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Chinese Ambassador to Sri Lanka, Xi Zhenghong, has called for greater use of the Renminbi (RMB) in trade settlements between China and Sri Lanka, emphasising its potential to strengthen bilateral economic ties and enhance financial stability.

He made these remarks at the 2025 RMB Internationalisation Forum, held in Colombo, and organised by the China Business Council in Sri Lanka, with the support of the Bank of China, Colombo Branch. The event brought together senior policymakers and financial experts, including Central Bank Governor Dr. Nandalal Weerasinghe, Minister of Labour and Deputy Minister of Finance Dr. Anil Jayantha Fernando, and Finance Ministry Secretary Dr. Harshana Suriyapperuma.

In his address, Ambassador Xi highlighted the evolution of the global monetary system from a dollar-centred framework toward one that is increasingly diversified. While acknowledging the US dollar’s historic role in maintaining global financial stability, he pointed out the structural imbalances and vulnerabilities that the dollar-centric system poses, particularly for developing economies.

“The dominance of a single currency creates a ‘tidal effect’ on the global economy,” Xi said, noting that sudden policy shifts in major economies can trigger exchange rate volatility and increased financing costs in developing countries.

He underscored China’s commitment to reforming and diversifying the international monetary system by promoting wider use of the RMB in global trade, reserves, and investment. The Ambassador cited that more than 80 countries have already incorporated the RMB into their foreign exchange reserves, while cross-border RMB transactions reached 35 trillion yuan in the first half of 2025, a 14% increase year-on-year.

For Sri Lanka, Xi emphasised that broader RMB use could help diversify foreign reserves, reduce exchange-rate risk, and lower transaction costs in bilateral trade. “At this critical period for Sri Lanka’s economic recovery and structural adjustment, expanding cooperation with the RMB will inject fresh momentum into trade facilitation, investment, and financial modernisation,” he noted.

He reaffirmed China’s readiness to work with Sri Lanka and other partners “on the principles of extensive consultation, joint contribution, and shared benefits,” to make the RMB a key element in a more balanced and inclusive global financial system.

Addressing the forum, Central Bank Governor Dr. Weerasinghe stated: “I remember we signed a currency swap agreement with China about 10 years ago. I signed it on behalf of the Central Bank. After that, we organised another event to promote the RMB facility in Sri Lanka. If we had the RMB facility at that time, we could have utilised the currency facility that existed. We have come a long way. When the RMB facility was introduced in 2010, it ranked as the 35th international currency in the world. By 2024, it reached the fourth position globally. During this time, the RMB has made remarkable progress. Strengthening the BRICS organisation will further support the use of local currencies in foreign transactions. We have a strong economic relationship between the two countries. China is Sri Lanka’s main import partner and the second-largest trading partner. Bilateral trade between the two countries, in 2024, amounted to USD 4.3 billion. On the other hand, the trade gap between the two nations was USD 1.1 billion in 2023. It has expanded from USD 2.8 billion to USD 4.1 billion in 2024, increasing in favour of China.”



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Easter Sunday Case: Ex-SIS Chief concealed intel, former Defence Secy tells court

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Former Defence Secretary Hemasiri Fernando told court on Thursday that then State Intelligence Service (SIS) Director Nilantha Jayawardena was also aware of intelligence information and had acted to conceal it, while also testifying that he believed former President Maithripala Sirisena had prior knowledge of the Easter Sunday terror attacks.

Fernando made the statement while giving evidence before a Trial-at-Bar in the case filed against him over alleged negligence in failing to prevent the 2019 Easter Sunday suicide bombings.

He said he believed that Sirisena, who at the time also held the posts of Defence Minister and Commander-in-Chief of the Armed Forces, had been aware of intelligence inputs relating to the impending attacks.

The former Defence Secretary further alleged that Jayawardena, then Director of the SIS, was also privy to the information and had acted to suppress it.

Fernando is indicted on charges of criminal dereliction of duty for allegedly failing to act on prior intelligence warnings ahead of the coordinated attacks.

Defending his position in court, he maintained that responsibility for the failure lay elsewhere.

“The President, who was the Defence Minister and head of the armed forces, had left the country. As the most senior official, I have been dragged into this case. If the information I presented had been properly examined, this case would not have been filed against me. Those responsible are still at large,” he told court.

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NCPA gets up to seven child violence complaints daily

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NCPA Chairperson Preethi Inoka Ranasinghe

The National Child Protection Authority has warned that corporal punishment continues to cause serious harm to children, revealing that it receives between 2,000 and 2,500 complaints of physical violence against children each year — averaging between five and seven complaints a day.

Issuing a statement to mark the International Day to End Corporal Punishment on April 30, the NCPA said both short-term and long-term physical and psychological punishment could severely affect a child’s personality development and emotional wellbeing.

NCPA Chairperson Preethi Inoka Ranasinghe said research had consistently demonstrated the damaging effects of corporal punishment used in disciplining children.

“For decades, parents, elders and teachers have used various forms of physical punishment to discipline children, making it a socially and culturally accepted practice both at home and in schools,” she said.

The Authority stressed that corporal punishment constitutes physical abuse and should not be used under any circumstances.

According to the NCPA, complaints relating to physical violence remain the second highest category of complaints received annually by the institution, with between 2,000 and 2,500 incidents reported each year.

Based on those figures, the Authority receives approximately 5.5 to 6.8 complaints of child physical violence every day.

The NCPA further noted that under Article 19 of the United Nations Convention on the Rights of the Child, children are entitled to protection from all forms of abuse and neglect, an obligation binding on Sri Lanka since 1990.

The Authority also pointed to Article 11 of the 1978 Constitution, which guarantees freedom from cruel, inhuman or degrading treatment, as well as provisions under Section 308(A) of the Penal Code and Education Ministry circulars prohibiting physical and psychological punishment in schools.

The NCPA urged parents, teachers and caregivers to adopt non-violent disciplinary methods and to prioritise the safety and mental wellbeing of children.

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AKD’s May Day vow: Crackdown looms as corrupt face day of reckoning

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President Anura Kumara Dissanayake said that all individuals accused of fraud, corruption and other offences will be brought before the law in the coming weeks, as investigations are being intensified under the NPP administration.

Addressing the Nuwara Eliya District May Day rally on Friday, the President said the government had already strengthened key investigative institutions, including the Criminal Investigation Department and the Bribery Commission, to expedite ongoing probes.

He said a large number of cases involving alleged wrongdoing were now progressing through the legal system, with ten cases scheduled to be taken up in court during May and one case already ordered for a verdict within the month following a directive issued on April 30.

President Dissanayake stressed that the government was acting on a public mandate to ensure accountability, warning that law enforcement action would continue in the months ahead.

He said the administration had taken steps to reverse what he described as a culture of privilege enjoyed by former rulers, while focusing instead on public welfare and governance reform.

“We are making decisions for the people and ensuring that privileges of the ruling class are reduced,” he said, adding that previous governments had worked to expand their own benefits while placing burdens on citizens.

The President claimed that the NPP government had secured the trust of people across all regions, describing it as a “people’s administration” committed to working-class interests.

He also outlined the government’s broader policy direction, including ensuring stable incomes, improved education, housing, the rule of law and national unity.

Warning of further legal action, he said a significant number of individuals accused of corruption would face imprisonment in 2026, adding that no one would be above the law regardless of position or family background.

“We do not distinguish between Presidents, Prime Ministers or their families. The law will apply equally to all offenders,” he said.

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