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Euro Keeps Dropping, Dips Below 100 Yen For First Time Since 2001

The euro weakened for a sixth day against the yen on concern Europe’s debt crisis will weigh on the region’s economic growth. The 17-nation currency also fell against the dollar.

(BLOOMBERG) London - The euro weakened for a sixth day against the yen, dropping below 100 for the first time since June 2001. The 17-nation currency fell against the dollar, set for its first back-to-back annual decline versus the greenback since 2001, before a report next week that economists said will confirm European manufacturing shrank for a fifth month.

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FOCUS: Russia-Ukraine War

With His Trip To Moscow, Xi Has Sent A Clear Message To The World

China has adopted a stance of pro-Putin neutrality since the start of Russia's invasion. But this is not an alliance of equals. China has the upper-hand and sees the opportunity to present itself as an alternative world leader.

Photo of ​Russia's President Vladimir Putin and China's President Xi Jinping in Moscow during the Chinese leader's state visit to Russia.

Russia's President Vladimir Putin and China's President Xi Jinping in Moscow during the Chinese leader's state visit to Russia.

Pierre Haski

-Analysis-

PARIS — While Russia is mired in Ukraine, and Vladimir Putin has become the target of an international arrest warrant, China appeared as a lifeline.

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Xi Jinping’s presence in Moscow from Monday to Wednesday was a bit like the "quiet force" visiting a friend in trouble. They offer him "face," as the Chinese expression for showing respect goes, referring to him as "dear friend"...

But reality sets in very quickly: between the couple, Beijing has the upper hand — and Moscow has no choice.

Since the invasion of Ukraine, China has observed what one diplomat astutely calls a "pro-Putin neutrality", a subtle balance that suits Beijing more than Moscow. Putin could have hoped for more active support, especially in the delivery of arms, technological products, or ways to circumvent Western sanctions. But China is helping Russia sparingly, while making sure to not incur sanctions in turn.

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