Negotiations between the U.S. Department of the Treasury and the State Bank of Vietnam have apparently reached a successful conclusion, marked by the release of a joint statement on July 19 by Treasury Secretary Janet Yellen and the SBV’s Governor Nguyen Thi Hong. The SBV promised to avoid manipulating its exchange rate to gain an unfair competitive advantage by devaluing the Vietnamese dong, and will also modernize and increase transparency of monetary policy and exchange rate framework.

The agreement will be monitored by the U.S. Trade Representative’s office, and Katherine Tai issued a statement to that effect. The USTR did not ... Log in to view full article.