LINE

Text:AAAPrint
Economy

What next for Chinese companies after the UK exit?(3)

1
2016-06-27 09:41China Daily Editor: Xu Shanshan
Photo taken on Jan 29, 2016 shows the UK and EU flags outside the European Commission headquarters in Brussels, Belgium. (Photo/Xinhua)

Photo taken on Jan 29, 2016 shows the UK and EU flags outside the European Commission headquarters in Brussels, Belgium. (Photo/Xinhua)

However, some experts believe Brexit will only have a limited effect on China's financial markets and will even likely boost the yuan's status as a global currency.

"The decision may actually accelerate the competition between other European cities for yuan businesses, and, as a result, Britain may have to provide Chinese institutions with better terms," Xiang Songzuo, deputy director of the International Monetary Institute at Renmin University, told Xinhua News Agency.

Lian Ping, chief economist of Bank of Communications, said the status of London as an offshore yuan trading center will be affected, although to what extent remains to be seen. So, this could open up opportunities for yuan business in Frankfurt, Luxembourg or Zurich.

Deng Haiqing, chief economist with JZ Securities Co, a brokerage, said Brexit could be a favorable factor that offers major strategic opportunities for China.

"After exiting the EU, the UK will have to find new markets. Thus, it needs to strengthen the cooperation with countries like China," Deng said.

"It also means the UK, which has broken away from the inefficient decision-making mechanism of the EU, can work more independently and more effectively. And the EU might be forced to improve efficiency as well," he said.

 

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.