Vietnam devalued the dong for the third time this year and widened the currency’s trading band, the latest sign of stress in Asian exchange rates after China depreciated the yuan last week.
The State Bank of Vietnam weakened its reference rate by 1 percent to 21,890 dong a dollar and increased the scope for fluctuations to 3 percent on either side, after doubling the range on Aug. 12. The dong fell 1.2 percent to 22,360 as of 3:04 p.m. in Hanoi, extending its drop this month to 2.4 percent, according to data compiled by Bloomberg. Malaysia’s ringgit leads regional losses so far in August with a 6.4 percent slide.
Read more...Vietnam Devalues Dong for Third Time in 2015 on Yuan Fallout - Bloomberg Business
Posts
