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The Global Sitrep For 6-15-23
From The forward Observer Website
Good morning, and welcome to the Global SITREP for Thursday, 15 June 2023
1. FIRST UP : China to open first bank location in Saudi Arabia
The Bank of China is set to open its first location in Saudi Arabia, according to bank officials.
According to their website, Bank of China currently operates in 31 countries with its eyes on further expansion.
Why It Matters: The expansion of financial institutions abroad allows China to export the renminbi to foreign capital markets – a necessary move to be considered a reserve currency. With Saudi Arabia’s Vision 2030 and China’s Belt and Road becoming integrated, the renminbi could displace the U.S. dollar as the region’s top trade currency, although it faces an uphill challenge as a primary reserve. Interestingly, Vanguard, Blackrock, and Charles Schwab are minority shareholders in Bank of China.
2. CHINA : Evacuation plans show U.S. will dump Taiwan
China’s Taiwan Affairs spokesperson said that plans and exercises to evacuate American personnel from Taiwan show that the island is an expendable pawn in the U.S. strategy to contain China.
“If a war breaks out across the Taiwan Straits , the island will become a battlefield and people there will end up being cannon fodder. But the Americans in Taiwan will just leave, safe and sound,” Zhu Fenglian said.
Why It Matters: Chinese Communist Party mouthpieces routinely criticize U.S. policymakers for abandoning its foreign projects like Iraq and Afghanistan. Yesterday’s pointed remarks were aimed at deterring the Taiwanese from U.S. cooperation.
3. INDO-PACIFIC : India shows off dual-carrier operations
According to the Indian Ministry of Defense , a naval exercise last week featured operations utilizing two aircraft carriers and 35 aircraft.
The exercise was intended as a proof of concept using the carriers as “floating sovereign airfields”.
Why It Matters: India undertook the largest naval exercise in its history earlier this year to test the country’s maritime security and defense. Both of these exercises were likely aimed at a potential multi-domain war with China. India also recently approved the purchase of 31 MQ-9B SeaGuardian unmanned underwater vessels.
4. WEAPONS : Defense Department pushes Foreign Military Sales
The Defense Department released a memo recommending its Foreign Military Sales staff “to improve and accelerate” foreign arms sales.
Defense Secretary Lloyd Austin wants to increase the transfer of military technology and priority capabilities to security partner nations. He also called for expansion of the U.S. Defense Industrial Base.
Why It Matters: The United States is still trying to overcome bureaucratic inertia in a race to arm its allies. While the U.S. strategy is ostensibly aimed at deterring conflict by arming Western-aligned countries, it’s sending a signal that Eastern-aligned countries must do the same.
5. NORTH ATLANTIC : NATO funds new naval base in Iceland
NATO announced that a new naval base to be built in Iceland is fully funded, should the country approve construction.
The base will be used to service NATO warships. In addition to the construction of a new wharf, marine fuel capacity is being expanded by 20%.
Why It Matters: Expanded maintenance facilities point to an increased operational tempo. Iceland is strategically located, making it a refueling and refitting point for Arctic and North Atlantic operations.
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