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Vietnamese central bank adjusts VND/USD exchange rate amplitude following Chinese yuan devaluation

Xinhua, August 12, 2015 Adjust font size:

Vietnamese central bank announced Wednesday it would adjust exchange rate amplitude between the Vietnamese dong (VND) and the U.S. dollar (USD) up by 1 percent following Chinese yuan's sharply weakening against the U.S. dollar on Tuesday.

The State Bank of Vietnam (SBV) said on its website that the exchange rate amplitude will be increased from +/- 1 percent to +/- 2 percent from Wednesday.

With inter-bank average exchange rate at 21,673 VND for 1 USD, the exchange rates at banks will range from 21,240 to 22,106.

Since the beginning of 2015, the Vietnamese central bank has set a target of foreign exchange rate adjustment not exceeding 2 percent.

The inter-bank average exchange rate was adjusted up by 1 percent earlier in January, and up 1 more percent in May with total adjustment of 2 percent.

On Tuesday, the yuan central parity rate announced by the China Foreign Exchange Trading System stood at 6.2298 against the U.S. dollar compared to 6.1162 on Monday, down nearly 2 percent, the lowest level since April, 2013.

As China remains a big trading partner of Vietnam, the adjustment of Chinese yuan against the greenback will have impact on the Vietnamese economy, said the SBV on its website on Wednesday.

Thus, the adjustment on VND/USD exchange rate amplitude will help ensure competitiveness of Vietnamese goods, assessed SBV. Endi