In the afternoon of June 24, Beijing time, the United Kingdom referendum on European membership has finally come to an end and the supporters of Brexit have finally won.

The research team at ANBOUND Consulting is of the view that Brexit will have short-mid-term impacts on the monetary policy direction of major economies globally.

The United States will certainly postpone the rate hike and the United States might not raise the interest rate this year.

The European Central Bank might further expand the quantitative easing while the United Kingdom will probably make adjustments to its interest rate and its budget planning.

If yen appreciates so much that the Japanese government cannot tolerate it, then it is possible that Japan might interfere with yen exchange rate.

In the short term, RMB will face downward pressure and should the need arises, the central bank can stabilize the exchange rate by adjusting the RMB central parity and intervene directly.