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Vietnamese Bonds Drop After Inflation Accelerates; Dong Weakens

Vietnam’s three-year government bonds fell for the first time in three weeks on speculation accelerating inflation makes it less likely the central bank will resume cutting interest rates to spur growth. The dong fell.

Consumer prices gained 7.08 percent in November from a year earlier, the most since May, official data showed Nov. 24. Vietnam will cut interest rates next year in line with inflation, Prime Minister Nguyen Tan Dung said Nov. 14. The government estimates the economy will expand by 5.2 percent this year, the slowest pace since 1999.

“Prudent policy should keep the economic environment stable,” Matt Hildebrandt, a Singapore-based economist at JPMorgan Chase & Co. wrote in a research note today. “This suggests that additional policy-rate cuts are unlikely and that monetary policy will remain modestly tight.”

The central bank has cut its refinancing rate by five percentage points this year to 10 percent, with the most recent reduction on July 1.

The yield on the three-year bonds rose three basis points, or 0.03 percentage point, to 9.43 percent, according to a daily fixing rate from banks compiled by Bloomberg. That’s the first increase since Nov. 1.

The dong fell 0.1 percent to 20,865 per dollar as of 2:27 p.m. in Hanoi, according to data compiled by Bloomberg. The State Bank of Vietnam set its reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to trade as much as 1 percent on either side of the rate.

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