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The State Bank of Vietnam stopped listing spot bid rates on USD/VND and stopped buying dollars in the spot market from December 31, 2020. From January 4, 2021 it extended its USD forward contract term to six months at VND23,125 per dollar.
Analysts say this is a first step toward removing the US currency manipulation designation.
Reducing one-way intervention could let the dong firm against the dollar, which would lower USD/VND. A stronger dong would make Vietnamese feed and grain imports cheaper in dollar terms but could weigh on Vietnamese export competitiveness.
hanoitimes.vnN Ngoc ThuyJan 15, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
