On May 11, the State Bank increased the central exchange rate by 2 VND, to 23,632 VND/USD. Commercial banks increased the USD price by 10 VND, Eximbank bought at 23,240 - 23,320 VND, sold at 23,620 VND; Vietcombank bought at 23,270 - 23,300 VND, sold at 23,640 VND... In the free market, the USD price increased slightly by 5 VND, buying at 23,400 VND, selling at 23,450 VND. The increased USD source in the market from tourists, remittances... has brought the free USD price to the same level as the state's buying price and nearly 200 VND lower than the USD selling price of commercial banks.
Free USD price down
The greenback price on the international market on the morning of May 11 decreased, the USD-Index decreased by 0.05 points to 101.57 points. Good economic information released by the US caused the USD to decrease slightly. The consumer price index in April increased by 0.4% compared to March and increased by 4.9% compared to the same period last year - this figure is lower than the expected 5% compared to the same period last year. The core CPI in April (excluding food and energy) increased by 0.4% compared to March and increased by 5.5% compared to the same period last year, this increase is in line with forecasts and lower than the increase in March (up 5.6%). The market is currently focusing on the US producer price index report on Thursday morning. This information will impact the monetary policy of the US Federal Reserve (Fed) in the coming time.
President Joe Biden has not yet reached an agreement with House Speaker Kevin McCarthy and other congressional leaders on raising or suspending the U.S. debt ceiling. The two sides are scheduled to meet again later this week. If May ends without a debt-extension agreement, market concerns will increase.
In other news, China is expanding its gold reserves and could ditch the US dollar. This comes after reports that China's gold reserves rose by 8.09 tonnes in April. China's total gold reserves reached 2,076 tonnes after the country added 120 tonnes in the five months to March. China has traditionally been a major buyer of US Treasuries, but that has seen a marked slowdown as Beijing swaps them for gold.
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