Daily GK Update: 19th January 2020

Myanmar-China push for BRI with 33 deals, no new major projects signed

  • Myanmar and China signed 33 bilateral deals including agreements, MoUs, exchange letters and protocols on the concluding day of the two day visit by the Chinese President Xi Jinping to Myanmar.
  • A large number of these deals relate to the implementation of the China Myanmar Economic Corridor (CMEC) under the Belt and Road Initiative (BRI) launched by China.
  • The two countries signed a concession agreement and shareholders’ agreement for the Kyaukphyu Special Economic Zone (SEZ) deep seaport project. The port will link the land locked Yunnan province of China directly to the Indian Ocean allowing China to bypass the strait of Malacca through which it imports a sizeable amount of oil and gas.

Source: DD News

RBI ranked sixth among central banks in buying gold abroad

  • The Reserve Bank of India (RBI) bought 7.5 tonnes of gold last October, buttressing its foreign exchange reserves to $450 billion.
  • The RBI holds 625.2 tonnes of gold, forming 6.6 per cent of its forex reserves, said the World Gold Council (WGC) in a report based on data central banks shared with the International Monetary Fund about their holdings last week.
  • RBI was a modest player in buying gold abroad compared to other major central banks, adding to its reserve in October after a gap of five months. However, it became the sixth largest buyer when it purchased 25.2 tonnes in first 10 months of 2019 to hedge government’s sovereign gold bond issue.

Source: Business Standard

Commerce minister Piyush Goyal to lead Indian delegation to WEF 2020 in Davos

  • Commerce Minister Piyush Goyal will lead the Indian delegation to the 50th World Economic Forum at Davos from January 20 to 24.
  • Goyal will also participate in an informal WTO Ministerial gathering being held in Davos during this period, the commerce ministry said in a statement.
  • The union minister will hold bilateral meetings with ministers of Australia, South Africa, Russia, Saudi Arabia, Switzerland, Korea and Singapore.

Source: The Economic Times