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 Vietnam Five-Year Yield at 17-Month Low on Rates; Dong Gains

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PostSubject: Vietnam Five-Year Yield at 17-Month Low on Rates; Dong Gains   Tue Apr 17, 2012 4:26 pm

Vietnam Five-Year Yield at 17-Month Low on Rates; Dong Gains

VietFinanceNews.com - Vietnam’s five-year bonds rose, pushing the yield to a 17-month low, on speculation the central bank will loosen monetary policy further. The dong advanced.

The monetary authority cut its repurchase rate to 12 percent from 13 percent on April 11, the second reduction in a less than a month, and trimmed its refinancing and discount rates by a percentage point each. Inflation slowed to a one-year low of 14.15 percent in March, government data show.

“Banks and some investment funds are purchasing bonds,” said Tran Thi Ngoc Thanh, deputy manager of the investment- banking division at Sacombank Securities Joint-Stock Co. in Ho Chi Minh City. “Probably because they are expecting that the improving macroeconomic stability and easing inflation will encourage the central bank to relax monetary policy.”

The yield on five-year notes fell 12 basis points, or 0.12 percentage point, to 11.09 percent, according to a daily fixing from banks compiled by Bloomberg. That was the lowest level since Nov. 11, 2010.

The dong strengthened 0.6 percent to 20,725 per dollar as of 3:56 p.m. in Hanoi, according to data compiled by Bloomberg. The central bank set the currency’s reference rate at 20,828, unchanged since Dec. 26, its website showed. The currency is allowed to trade as much as 1 percent on either side of the official fixing. (Bloomberg)


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