Iran crisis
China and Pakistan propose five-point initiative for Middle East peace
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Chinese Foreign Minister Wang Yi met Pakistani Deputy Prime Minister and Foreign Minister Ishaq Dar in Beijing on Tuesday to propose a five-point initiative on the Iran situation and Gulf-Middle East stability, calling for an immediate cessation of hostilities and prompt peace talks. The plan stresses protecting civilians, shipping lanes, and the primacy of the UN Charter. It aims to prevent conflict escalation and restore regional peace.
The Korean won opened lower against the U.S. dollar on Monday, March 23, 2026, at 1,504.9 won per dollar—extending its decline below the 1,500 level seen last week amid the ongoing Iran crisis. Down 4.3 won from Friday, the move reflects sustained geopolitical tensions boosting demand for the dollar.