The G7 meeting at the weekend spotlighted a growing rift between the US and its key allies, with German chancellor Angela Merkel saying that Europe can no longer completely rely on the US and UK. GBP is on the back foot due to the tightening of opinion polls in the run-up to the June 8 election.
Editor’s Picks 29 June 2016 at 23:22 GMT

Beijing faces FX shock from Brexit, but reaps a political windfall

The Sydney Morning Herald
The official Chinese reaction to Brexit has been largely dispassionate. But the global financial shocks brought on by the UK's vote to leave the EU expose China's already stretched economic policymakers to an unwelcome stress test: how to manage the yuan with all major currencies, except the US dollar and the yen, plunging. China stands to lose one of its strongest allies in the EU trade blocs, and already struggling with slowing growth and falling exports, it can ill afford any significant downturn in European demand or global investor sentiment. But Brexit has also proven to be a propaganda windfall for Commmunist Party mouthpieces quick to point out the pitfalls of the democratic vote.
Read full article at The Sydney Morning Herald


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