Le Pen’s promise to take France out of the euro zone might well devastate Russia’s economy and financial stability. Russia holds close to 40 percent of its foreign currency reserves in euros. President Vladimir Putin said his country is “not interested in the collapse of the euro zone.” Source: Bloomberg
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The International Monetary Fund increased its estimate for China’s average annual growth rate through 2020, while warning that it would come at the cost of rising debt that increases medium-term risks to growth. China’s economy will expand at an average pace of 6.4% annually from 2017 through 2020. Source: China Economic Review
Israeli media are reporting that Iran is building a factory in northwest Syria to manufacture long-range rockets. The Times said Iran was also helping Hizballah build subterranean factories in Lebanon to make Fateh-110 medium-range missiles. Source: RadioFreeEurope
China urged the US and North Korea to urgently “put the brakes” on provocative actions and words on Tuesday after North Korean leader Kim Jong Un appeared to back away from a threat to fire missiles toward the US Pacific territory of Guam. Source: CNN