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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperOpinion / Opinion LineEditorialsOp-EdColumnistsContributorsCartoonsSpecialsFrom the PressForum TrendsTalk from streetDebateEditors Pick:Syrian refugeescyberspaceV-Day paradeshrimp scandalTPPBrexits benefit in the long term(China Daily) Updated:2016-06-28 08:07Comments Print Mail Large Medium SmallA photo of Chinese yuan [Photo/VCG]After the United Kingdoms vote to leave the European Union on Friday, stock markets in Europe, North America and Asia have plummeted.
Some Chinese economists worry that Brexit may cause difficulties for Chinas plan to strengthen its strategic partnership with the EU through the UK, and that a possible trade protectionist approach by the EU following the UKs departure will negatively affect Chinas trade with the bloc.
Such worries are unfounded in the long term. It is certain to have a short-term impact on Chinas exports. However, in the long run, the UKs exit from the EU will create favorable political and economic conditions for Chinas further “rise” on the world stage, given that an EU without Britain will weaken its previous advantages in its competition.
Therefore, there will be increased possibilities for China to replace the bloc to become the second-largest player in the global economy.
At the same time, the pounds weakened status also means more possibilities for the renminbi to become a more important international currency. If China can realize stable economic growth and low inflation, the renminbi is likely to be more widely used in the global financial market.
On Thursday, Chinas central bank authorized China Foreign Exchange Trade System to announce the yuans direct trading with the Korean won, a further step toward pushing trade between China and the Republic of Korea.
The weak pound against the US dollar following the UK leaving the EU may mean increased depreciation pressures on the renminbi. However, it is believed that with the decline of the dollars safety and the continuous growth of Chinas economy at the expected speed, the renminbi will finally become an international currency like the euro, pound and the Japanese yen.0Related StoriesMainland stocks advance most in Asia, resist Brexit fallBrexit and the future of European UnionChina to start direct trading between yuan, South African randCentral bank drains 40b yuan from marketMost Viewed Todays Top NewsChina and EU contribute to each others successBrexit entails review of investments in UKAbe looking to build consensus for change to pacifist ConstitutionNice way of getting rid of outdated documentsWests worries about closer Sino-Russian ties groundlessForum TrendsWould you help adult children buy a home?Tips for new graduates hoping to score a jobFathers Day storyWho cares for left-behind children?Do Chinese women obsess over foreign men?Why is e-commerce so successful in China?Is it rude to eat on mass transit?ColumnistsLeave vote blows the whole EU plan wide openMoney killing govt of the people, by the people, for the peopleFeatured ContributorsCentral Asia and Uzbekistan are crucial for Chinas Belt and Road InitiativeSCO meeting likely to deepen regional security cooperationStar BloggersBrexit: The failure of the European elite By ChevalerieFirst, I shall beware of giving a definitive comment on the British vote. The democratic system ensures that each one is able to participate to vote at its sole discretion. What had to happen finally happened, ineluctable destiny, thats all!Quality of Chinese healthcare By MichaelMTwo days ago, I returned home from a 13 day stay in the hospital in Zhengzhou. I was admitted to Central Hospital of Zhengzhou on June 3. I had surgery the next morning and another one 10 days later.My best friend in China: 35th anniversary of China Daily By subeChina Daily is like a friend who stays with me in every mood in my life. If I am happy, I can write a blog and if I am upset, I can enjoy what others have said and let my feelings go away.SpecialMy China Story MeetupChina Daily, 35 years on: your memoriesPositive energy Leifeng laowai story…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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