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HANOI: Vietnam's central bank on Wednesday (Jan 7) said it would devalue the dong currency in a bid to contain inflation and bolster economic growth.

The State Bank of Vietnam (SBV) will devalue the reference rate by one percent to 21,458 Vietnamese dong per dollar to "control inflation and... push up economic growth", it said in a statement. The move - the second devaluation in eight months - is "in accordance with the developments of the domestic and international financial markets, creating a solid stability for the forex market", the SBV said.