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U.S. Treasury says Vietnam deliberately undervalued currency in 2019

WASHINGTON, Aug 25 (Reuters) - The U.S. Treasury has determined that Vietnam’s currency was deliberately undervalued in 2019 by about 4.7% against the dollar, according to a new currency valuation assessment sent to the U.S. Commerce Department late on Tuesday.

In the assessment associated with a Commerce anti-subsidy investigation into vehicle tire imports from Vietnam, the Treasury said the under valuation was the result of Vietnamese “government action on the exchange rate.” These included $22 billion in net state foreign exchange purchases in 2019, including through the State Bank of Vietnam, the Treasury said. (Reporting by David Lawder, Editing by Franklin Paul)

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