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Vietnamese PM urges to manage monetary, exchange rate policies flexibly

Xinhua, August 14, 2015 Adjust font size:

Vietnamese Prime Minister Nguyen Tan Dung on Friday asked relevant ministries and agencies to closely follow the development of monetary and foreign exchange rate situation in the region and the world to flexibly manage the country's policies in the field.

The Vietnamese cabinet chief made the remark while meeting with ministries and agencies in capital Hanoi to review the recent development of the Chinese yuan and the impact of the adjustment to Vietnamese economy.

The Vietnamese PM urged for further coordination between ministries and agencies in order to have proper policies to reduce the impacts the adjustment may cause to the country's economy, according to the website of Vietnamese government.

In response to the CNY exchange rate changes against the U.S. dollar on Tuesday, the State Bank of Vietnam (SBV), the country's central bank announced Wednesday to adjust daily exchange rate amplitude between the Vietnamese dong (VND) and the U.S. dollar ( USD) from one percentage point to two percentage points.

The Chinese currency the yuan on Friday halted a three-day slide which knocked the yuan down 4.66 percent against the dollar. On Friday, the central parity rate of the yuan strengthened by 35 basis points to 6.3975 against the U.S. dollar, the first increase since the central bank adopted a more market-based forex rate formation mechanism on Tuesday. Endi