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Chinese state media recently rolled out a report confirming that senior military officials from Russia and China have agreed to strengthen military cooperation between the two countries to jointly maintain global peace and stability.

The news report mentions details of China’s vice chairman of the Central Military Commission Zhang Youxia’s meeting with Russian Defence Minister Sergei Shoigu in Moscow that reached the agreement on Wednesday.

FX implication

Although the news could be termed as a non-event, considering the market response, this shows stronger tier between Russia and China, which in turn may exert pressure on the US and can increase safe-haven demand if the US-China issues worsen.