Vietnam continues dong devaluation

state-bank-of-vietnam

The State Bank of Vietnam on Wednesday devalued the dong by more than 2% in an attempt to invigorate exports.

The central bank's devaluation moves the mid-point of the trading band from D18,544 to D18,932 to the dollar. The trading band range is unchanged at 3% below or above the mid-point. The central bank said the devaluation would contribute to the reduction of the trade deficit.

This is the third time since last autumn that the central bank has attempted to devalue its currency. In November,

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