Nine To Noon Asia correspondent Ed White
Mar 26, 2026
Ed White, Financial Times Asia correspondent based in Shanghai, offers on-the-ground reporting and analysis. He discusses Pakistan's back-channel mediation between the US and Iran. He highlights Asian governments moving into crisis mode and China restricting exports to protect domestic fuel and fertilizer supplies. He covers regional policy responses such as energy emergency measures and demand-reduction steps.
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Pakistan Positioned As Back Channel Mediator
- Pakistan is acting as a neutral relay between the US and Iran, hosting back-channel talks involving military and political leaders.
- Pakistan's mix of US ties, no foreign bases, and strong regional relations makes it a plausible early-stage mediation venue.
Swift Peace Prospects Have Waned
- Optimism for a quick negotiated end has faded as the conflict has provoked more entrenched positions and regional escalation.
- Early market expectations for a swift off-ramp gave way to the sense that a hornet's nest has been kicked and is hard to close.
Prioritise Domestic Reserves Over Exports
- Countries should shore up domestic energy and food reserves and consider export limits to protect local supply.
- China has quietly restricted exports of refined fuels and fertilizers to preserve domestic reserves, affecting regional partners.