Vietnam weakens dong fixing as it adopts market-based rate
The State Bank of Vietnam reduced the dong’s reference rate for the first time since August, after saying over the weekend that it is moving to a more market-based methodology in setting a daily reference rate versus the dollar.
It lowered the fixing by 0.03 percent to 21,896 against the greenback on 4 January, after the currency sank to the limit of its permitted trading range in late December. The monetary authority had kept the rate unchanged since Aug. 19, when it cut the fixing by 1 percent and increased the currency’s trading range to 3 percent on either side.
