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CCTV Script 29/06/2016

– This is the script of CNBC's news report for China's CCTV on June 29, Wednesday.

Welcome to CNBC Business Daily, I'm Qian Chen.

EU leaders pressed British Prime Minister David Cameron on Tuesday for a quick and clear plan for Britain's exit from their union, saying there's no turning back from last week's vote to leave despite worldwide uncertainty about the continent's future.

As leader after leader rejected Cameron's pleas for favorable conditions for Britain once it leaves, he frustrated them by refusing to initiate the divorce proceedings immediately.

After what's probably his last dinner with EU counterparts, Cameron insisted he would leave the departure negotiations to his successor, saying London needs time to formally trigger the start of negotiations

"Everyone wants to see a clear model appear" for Britain's future relations with the bloc, he said, adding that he "can't put a time frame on that."

German Chancellor Angela Merkel dismissed suggestions that Cameron's successor might not start the formal EU withdrawal process because of the financial turmoil prompted by the vote and wide confusion about how to extract a country from the EU.

EU Council President Donald Tusk said the bloc's leaders want U.K. exit plans "to be specified as soon as possible." Earlier, he said, "Europe is ready to start the divorce process, even today."

Realizing the threat of a rift further tearing at the unity of a bloc of more than 500 million people, Tusk said he was planning a special meeting of the EU leaders in Slovakia in September to chart a way ahead. German Chancellor Angela Merkel pledged to use "all her strength" to prevent the EU from drifting apart.

Merkel said "Whoever wants to leave this family cannot expect to have no more obligations but to keep privileges."

First, though, the EU needs to get rid of Britain.

EU Commission President Jean-Claude Juncker and other European leaders insist they won't begin any talks until Britain invokes the Article 50 of the EU's Treaty of Lisbon, which sets in motion a two-year process to split from the group designed to unify Europe.

After all, it looks like the EU has digested the shock and is ready to move on, and so has the markets.

[VITOR CONSTANCIO, Vice President, European Cental Bank] "To many people in the market the result of the referendum came as a surprise. So as a result there was certainly overshooting and we saw today that there was a rebound in the markets already. **STOP HERE ***PICK UP HERE There were many concerns about market liquidity if in a situation of stress, a shock, there would be enough buyers and sellers so that the prices could be formed and the markets could work. They did."

CNBC's Qian Chen, reporting from Singapore.

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