Within the last 3 days, Chinese Renminbi has depreciated 4.6% in value. This has had an immediate impact on the exchange rate, foreign currency market, and Vietnamese stock market.
It is expected to further affect the economy in the near future. In light of the situation, the State Bank of Vietnam has adjusted exchange rate band by 1 per cent to 2 per cent to maintain macro-economic stability. Prime Minister Nguyen Tan Dung at the event assessed the reports by the State bank of Vietnam and related agencies. He praised the timely response of the SBV and the Ministry of the Industry and Trade. He further requested ministries to closely monitor the financial development globally, regionally and domestically.
It is also necessary to implement a consistent monetary policy, exchange rate flexibly to ensure the stable value of the Vietnam dong.
