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Business & Finance

Reuters reveals Vietnam intervened in currency markets weeks after U.S. censure

After being branded a “currency manipulator” by the United States in December for trying to keep the dong from rising in value, Reuters revealed that Vietnam is again intervening in foreign exchange markets and using what traders say is an unusual method to do so. Early in January, the State Bank of Vietnam told some local banks it would cease its regular purchase of U.S. dollars in the spot market, where the trade settles within days. The central bank offered the local banks an attractive deal instead: It would agree to buy dollars at a favorable rate for delivery in July, and it would allow the local banks to cancel this agreement before mid-June if they wished.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: FX & Fixed Income
Regions: Asia
Countries: Vietnam
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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