Dollar Slumps Against Dong Amid Yuan Surge
The US dollar experienced a decline against several major currencies on Monday morning, including the Vietnamese dong and the Chinese yuan. The greenback slipped to a multi-year low against the yuan as China's central bank eased its curb on currency appreciation ahead of the upcoming meeting between the leaders of China and the US.
Vietcombank sold the dollar at VND26,200, down 0.04% from the previous weekend. The dong rose to around VND260,000 on the black market, a gain of 0.23%. Meanwhile, the State Bank of Vietnam maintained its reference rate at VND25,637.
The yuan strengthened to over a 3-1/2-year high against the dollar as it reached a high of 6.6957 per dollar in early trade. This is the strongest level since January 16, 2023. The offshore yuan traded at 6.6946 yuan per dollar, up about 0.03% in Asian trade.