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On December 11 the State Bank of Vietnam cut the central reference rate for the dong by VND9 to VND22,775 per US dollar. Commercial bank dollar rates barely moved, and the dollar had gained about 2.4% against the dong in the year to December 7.
The central bank's gradual devaluation came even as the dollar index weakened after the US-China trade truce.
A steadily weaker dong raises the local-currency cost of imported feed ingredients such as soymeal and corn for Vietnamese buyers. The moves have been small, so the direct price effect is limited.
vietnamnews.vnJan 7, 2019Not 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.
