Vietnam reiterates it does not use currency for unfair trade
Hindustan Times Dec 17, 2020 Posted by Ayshee Bhaduri Vietnam’s central bank, refuting the US Treasury’s move to designate the Southeast Asian nation a currency manipulator, said it does not use its exchange rates “to create an unfair competitive advantage in international trade,” the regulator said in a statement on its website. Vietnam’s “exchange rate management in recent years is within its general framework of monetary policy and aims to achieve the consistent goal of controlling inflation, stabilizing macro-economy” and does not create an unfair competitive advantage for the nation, the State Bank of Vietnam said. The Vietnamese dong traded at 23,127 per dollar, little changed from yesterday. The benchmark VN Index of Vietnamese stocks lost 1% as of 9:22 a.m. local time and is poised for its biggest decline in a month. Vietnam’s trade surplus with the US and its current account surplus are the result of a range of factors related to the peculiarities of the Vietnamese econom...