As Britain’s vote to leave the European Union
causes currency fluctuations in major economies across the
Asia, uncertainty surrounds how the Chinese market will respond
in the long term
The Brexit came the day before the Monetary Authority of
Singapore’s announcement of its plan to include
yuan-denominated assets in its foreign reserves, which total
$247 billion as of the end of May.
Counsel in Beijing argue that the Brexit announcement, which
has been followed by market volatility, has created uncertainty
for major markets across the region. "It is difficult to
predict how the (Chinese) market will react at the moment,"
Tiecheng Yang, partner at Clifford Chance in Beijing.
The June 23 announcement by MAS came less than four months
before the yuan’s admission to the International