Vietnam’s forex stability unaffected by standoff with China: official
The dong-US dollar exchange rate will remain stable despite China-Vietnam tensions in the “Chinese banks currently operating in Vietnam are much smaller than other banks [owned by the Vietnamese and from other countries],” Thoi Bao Kinh Te Saigon quoted Dao Quoc Tinh, deputy chief inspector of the central bank as saying on Thursday. “Hence, [Chinese lenders'] influence on Vietnamese companies is not big, not remarkable. In addition, the amount of dollar loans issued by Chinese banks is tiny,” Tinh said during a seminar in the northern He said that “With such large reserves, I can affirm that the foreign exchange market remains stable due to the central bank governor’s commitment,” Tinh said. Tinh’s remarks were made in response to Nguyen Minh Phong, an economist, who expressed his concerns at the seminar on the risk of a collapse of the local foreign exchange market in case Last week Nguyen Van Binh, Governor of the State Bank of The central bank will make adjustments if necessary; but the total change won't exceed two percent, he said. Chinese escort ships have since rammed Vietnamese vessels tasked with stopping the rig from illegally operating in Vietnamese waters. |
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