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Vietnam devalues Dong 1%

Vietnam's central bank set the reference rate for the USD/VND rate at 21,890 on Wednesday, up 0.99% on Tuesday's rate. The State Bank of Vietnam also widened the trading band for the USD/VND to 3% per day, from 2% previo…

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Vietnam's central bank set the reference rate for the USD/VND rate at 21,890 on Wednesday, up 0.99% on Tuesday's rate.

The State Bank of Vietnam also widened the trading band for the USD/VND to 3% per day, from 2% previously. The trading band was widened from 1% to 2% last week.

The move comes just over a week after China made a similar move with the Yuan, following a sharp drop in exports in July. The Yuan was devalued almost 3% in total last week.

 

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