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Vietnam devalues dong to protect exports, offset China's yuan action
By Ho Binh Minh
Reuters
Wednesday, August 19, 2015
HANOI, Vietnam -- Vietnam devalued the dong for the third time this year on Wednesday as authorities sought to support a languid export sector facing fresh challenges from a surprise devaluation of the Chinese yuan.
The State Bank of Vietnam, the nation's central bank, also widened the dollar/dong trading band for the second time in a week, underscoring concerns a weaker yuan could further inflame a bloated trade deficit.
China, Vietnam's top trading partner, rattled global financial markets when it devalued its currency by nearly 2 percent on Aug. 11, heightening worries of a global currency war. ...
... For the remainder of the report:
http://www.reuters.com/article/2015/08/19/vietnam-economy-dong-idUSL3N10...
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