| In the aftermath of Britain's vote to leave the European Union last week, fears are mounting that the world might plunge into a currency war. On Monday, China's central bank cut the yuan's fixed rate by almost 1 percent to 6.6375 to the dollar as the greenback surged after the Brexit vote. Monday's fix was the lowest level since December 2010.
Japan is also ready to act as the yen, one of the haven assets bought in times of turmoil, hit a 32-month high of 99.02 per dollar Friday after the vote. Japanese Prime Minister Shinzo Abe said Japan would carefully watch foreign exchange and stock markets, but his remark was taken as indicating that the world's third-largest economy could intervene in the currency market soon to put the brakes on the surging currency...............................................Full Article: Source
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