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Vietnam Can't Keep Currency Up - Devalues Dong 3rd Time This Year, Widened Trading Bands

Asian currency war contagion is spreading. Tonight's victim is the Dong with Vietnam 'devaluing' the reference rate (for the 3rd time this year) by 1% to 21,890 and also widened the trading bands from 2% to 3% (since the 2% band was broken)...

  • *VIETNAM CENTRAL BANK DEVALUES DONG BY 1%
  • *VIETNAM DEVALUES DONG REFERENCE RATE TO 21,890 PER DOLLAR
  • *VIETNAM CENTRAL BANK WIDENS DONG TRADING BAND TO 3% OF RATE

Chart: Bloomberg