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SBV rejects U.S. accusation of currency manipulation

VGP – Viet Nam’s exchange rate has been designed to serve the consistent goal of controlling inflation and stabilizing the macro-economy, not to gain an advantage in global trade, the State Bank of Viet Nam (SBV) said Wednesday.

December 17, 2020 1:21 PM GMT+7

The headquarters of the State Bank of Viet Nam

The statement was made after the U.S. Department of the Treasury released a report on macroeconomic and foreign exchange polices for major trading partners of the U.S.

The recent purchase of foreign currencies aimed to ensure smooth operation of the foreign exchange market amid plentiful supply of foreign currency, contributing to stabilizing macro-economy and consolidating State foreign reserve which is lower than that of other countries in the region, said the central bank.

It affirmed that Viet Nam attaches importance to stable and sustainable economic and trade relations with the U.S.

The country is also willing to coordinate with the U.S. side to discuss on relevant issues based on the spirit of cooperation and mutual benefits, towards fair and harmonious commercial ties between the two sides.

According to the U.S. Department of Treasury’s report, over the four quarters through June 2020, a number of economies have experienced significant expansions in their current account surpluses, including China, Taiwan, and Viet Nam, while other countries, including Germany and Switzerland, have maintained large trade and current account surpluses, which allowed for external asset stock positions to widen further.

The Treasury said Viet Nam and Switzerland exceeded the two other objective criteria established by the Treasury to identify potentially unfair currency practices or excessive external imbalances, which could weigh on U.S. growth or harm U.S. workers and firms./.

By Khanh Phuong