HANOI, Vietnam (AP) — Vietnam devalued its currency Friday by 8.5 percent as the Communist-ruled country grapples with double-digit inflation and a widening trade deficit.
The State Bank of Vietnam said in a statement on its website that the U.S. dollar will buy 20,693 Vietnamese dong compared with the previous rate of 18,932 dong per dollar. The statement also said the bank has narrowed the band in which the dong can move from 3 percent to 1 percent.
Vietnam, one of the fastest-growing economies in Asia after China, has been struggling to keep its rapid expansion on a sustainable footing. Growth has averaged more than 7 percent annually over the past decade but last year the …
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