The daily reference exchange rate is adjusted down 8 VND on May 16 to 23,056 VND per USD (Photo: VNA)
Hanoi (VNA) - The dailyreference exchange rate is adjusted down 8 VND on May 16 to 23,056 VND per USD.
With the current trading band of +/- 3 percent, the ceiling rate applied by commercial banks for the day is 23,747VND/USD and the floor rate is 22,365 VND/USD.
The opening hour rates atcommercial banks stayed stable.
At 8:15 am, both Vietcombank andBIDV listed the buying rate at 23,250 VND per USD and the selling rate at23,370 VND/USD, unchanged from May 15.
Techcombank also kept the ratesunchanged at 23,230 VND/USD (buying) and 23,370 VND/USD (selling).
The daily reference exchangerate topped 23,000 VND per USD on April 23 and continued to set new highs sincethen. Analysts at the Bao Viet Securities Company (BVSC) attributed the strongrise in the reference exchange rate to escalating trade tension between the USand China.
According to the analysts, thetrade tension brought impacts on the exchange rates of many currencies,including the Vietnam dong.
They said the State Bank ofVietnam has the option of selling US dollars to keep the exchange rate stable.In that case there is a big possibility that the central bank would also pumpcapital through the OMO channel and bonds to keep validity stable and preventsudden surge in inter-bank interest rates, according to the BVSC analystgroup.-VNA
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The daily reference exchange rate is adjusted down 8 VND on May 16 to 23,056 VND per USD (Photo: VNA) 
