Vietnam Widens Dong’s Trading Band After China Devalues Yuan
This article is for subscribers only.
Vietnam widened the dong’s trading band on Wednesday to allow the currency to weaken after China, its biggest trading partner, devalued the yuan.
The dong can now move as much as 2 percent on either side of a fixing set by the monetary authority, from 1 percent previously, the central bank said in a statement. The dong weakened 1 percent to 22,040 a dollar as of 2:16 p.m. in Hanoi. The central bank set the reference rate at 21,673, unchanged from the previous day.