Cheap eurozone takeaway fuels Chinese acquisitions
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Beijing
THE inexorable decline of the single currency offers ambitious Chinese firms a bargain buffet of eurozone business, analysts say, with this weekend's multibillion deal for Italian tyremaker Pirelli only the latest course in an acquisition binge.
Less than a year ago the euro was worth nearly US$1.40 on international markets. Earlier this month it stood at less than US$1.05, down by a quarter as the European Central Bank embarks on a massive stimulus programme while the US Federal Reserve is widely expected to start raising interest rates.
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