China and Hong Kong stocks joined a global relief rally on Wednesday and the yuan firmed against the dollar after US President Donald Trump signalled that an end to the Iran war could be in sight.

Trump said the US could end its military attacks on Iran within two to three weeks and Tehran does not have to make a deal as a prerequisite for the conflict to wind down.

“The Iran war will wrap up quickly,” said Zeng Wenkai, chief investment officer at Hong Kong-based Shengqi Asset Management.

“The US and Iran won’t need to strike a deal. US troops will pull out, Iran won’t really have a choice and won’t block the strait and global stocks will jump.”

However, he expected China stocks to rise less forcefully than other markets, which have been hurt more severely by the oil shock.

China’s blue-chip CSI300 Index rebounded 1.7 per cent in its best day in almost three months. The Shanghai Composite Index gained 1.5 per cent.

In Hong Kong, the Hang Seng rebounded 2 per cent, as Asian markets rallied more than 4 per cent following an overnight jump on Wall Street.

China’s yuan firmed to its strongest level in two weeks against the dollar, trading at 6.8725 in the late afternoon, as optimism about a war de-escalation reduced the greenback’s appeal.

China’s long-term bond yields remained stable, despite volatility in global debt markets.

“As the world’s manufacturing powerhouse, China can provide a sense of stability to the world,” said Zhang Di, an economist at China Galaxy Securities.

China would be relatively unscathed from an oil shock as it is a coal-rich country, has a dominant position in new energy and has ample oil reserves, Zhang said.

But he said “the US is sitting on a tiger and will find it difficult to get off,” risking being drawn into a prolonged war or losing international credibility.

China stocks have lost roughly 4 per cent since the US and Israel struck Iran on February 28, compared with a 10 per cent slump in Asian equities and a 6 per cent tumble in world stocks.

China’s drugmakers, chipmakers and tourism stocks jumped sharply on Wednesday.

In Hong Kong, biotech firms, shipping companies and materials stocks led gains.

The Embassy of Pakistan in Doha has issued a travel advisory for Pakistani nationals, warning that the visa-on-arrival facility for entry into Qatar is currently unavailable due to the prevailing situation.

In a post on X, the embassy advised travellers to secure appropriate visas in advance before departing for Qatar to avoid disruptions at the point of entry.

“Pakistani nationals intending to travel to Qatar are advised that visa-on-arrival facility is currently not available due to prevailing situation. All Pakistani travellers to Qatar are advised to obtain appropriate visas prior to travel to avoid inconvenience,” the advisory stated.

The temporary suspension of visa-on-arrival is expected to impact business travellers, contractors, and short-term visitors who typically rely on expedited entry procedures for last-minute travel across the Gulf.

The development comes amid heightened regional uncertainty, prompting authorities to tighten travel protocols and entry requirements. For companies operating across the GCC, the advisory underscores the need for advance planning and compliance with evolving immigration rules.

The embassy has not specified a timeline for when visa-on-arrival services will resume, advising travellers to monitor official channels for further updates.

The Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) in the UAE has launched “Basma 15”, a proactive initiative designed to simplify identity services for students aged 15 and above by bringing key procedures directly to schools.

Under the programme, specialised ICP teams visit schools to collect biometric data from eligible students, enabling them to complete identity registration requirements quickly without the need to visit service centres, the authority announced on its official X account.

“This initiative is part of our commitment to making government services more accessible,” an ICP spokesperson said. “Students can now complete their biometric registration early, allowing them to obtain ID services quickly and with minimal effort.”

Streamlined Emirates ID renewal and replacement

The move builds on previous efforts to modernise UAE identity services. In September 2025, ICP also streamlined the replacement and renewal process for citizens’ Emirates ID cards as part of the Zero Bureaucracy Programme’s second cycle.

Under the updated system, applicants only need to submit their request and pay the applicable fees. Non-essential fields, such as address details, have been removed, and the Emirates ID template is now displayed on a single page to simplify the process, a WAM report said.

Validity periods are automatically assigned: 10 years for citizens aged 21 and above, and 5 years for those under 21 when renewing. Replacement cards follow the remaining validity of the existing ID, with applicants unable to alter the validity field.

“These enhancements are part of our ongoing efforts to eliminate bureaucracy, modernise smart services, and improve the customer experience,” the authority said. “The upgraded services are accessible via our website and mobile app, offering citizens a faster and more efficient process for Emirates ID renewal and replacement.”

With Basma 15 and streamlined ID services, the UAE continues its drive to simplify public services and bring them closer to citizens, particularly young students, reflecting a broader commitment to innovation, convenience, and efficiency.

Authorities in the Emirate of Fujairah have confirmed that one person was killed after debris from an intercepted drone fell on a farm in the Al Rifa area.

In a statement issued by the Fujairah Government Media Office on Wednesday, officials said the incident occurred after air defence systems successfully intercepted an unmanned aerial vehicle, with fragments subsequently landing in a populated area.

The victim, identified as a Bangladeshi national, died as a result of the incident. No further casualties were reported.

Authorities responded to the scene and are managing the situation in line with established safety protocols.

Officials also urged the public to rely on official channels for information and to refrain from sharing unverified reports or rumours.

The incident comes amid heightened regional tensions, with authorities across the UAE maintaining vigilance and response readiness.

A tanker struck off Qatar was hit by two projectiles, one causing a fire that has since been extinguished and another remaining unexploded in the vessel’s engine room, the United Kingdom Maritime Trade Operations (UKMTO) said on Wednesday.

The vessel was struck about 17 nautical miles (31 km) north of Qatar’s Ras Laffan industrial hub, causing damage above the waterline, with the crew safe and no environmental impact reported.

UKMTO said it was unable to confirm the source of the projectiles and that investigations were ongoing.

The incident comes amid growing threats to maritime traffic as the US-Israel conflict with Iran intensifies across the region.

Kuwait said on Tuesday that one of its fully loaded oil tankers was targeted off Dubai, triggering a fire. Maritime authorities have also reported multiple security incidents affecting vessels in Gulf waters in recent days.

Read more: Drone attack on Kuwaiti tanker off Dubai brought under control, KPC says