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British pound drastically falls over Brexit vote

8:17:00 PM , , ,
The pound continues to fall drastically in light of Brexit. Photo source: Bloomberg

The pound continues to fall drastically in light of Brexit. Photo source: Bloomberg

HONG KONG: The British pound drastically fell from US$1.45 to US$1.36 on Friday morning over uncertainty of the outcome of Britain’s vote on European Union membership, China’s Xinhua news agency reported.

Sterling slumped to its lowest level since 2009, as early results of the referendum showed that the Leave side posting big wins.

Meanwhile, Hong Kong’s Hang Seng index on Friday fell more than 4 per cent, nosediving below the 20,000 mark as early results of Britain’s referendum on European Union (EU) membership showed the Leave side winning, Xinhua said.

The index fell 974 points to 19,894 at noon.

Chief Executive of the Hong Kong Monetary Authority Norman Chan said on Thursday that Hong Kong markets will be able to withstand any shock that arises in case Britain votes to leave the European Union. – Bernama





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