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. Last Updated: 07/27/2016

Dong Devalued

HANOI, Vietnam -- Vietnam became the latest casualty of the Southeast Asian currency crisis when the central bank announced Tuesday it had effectively devalued the dong.


The State Bank of Vietnam widened the range within which the dong can trade against the U.S. dollar and other foreign currencies, allowing market forces to push it lower.


The trading range was extended Monday to plus or minus 10 percent of the exchange rate set by the central bank.


Although news of the effective devaluation had not yet been announced to the general public through Vietnam's state-controlled media, rumors of the move forced down the value of the dong on the black market.