EM nations react to Chinese renminbi move
Central bank defends reserves amid fallout from devaluation
Vietnam has devalued its currency, the dong, for the third time this year to stem the erosion of foreign exchange reserves following China's markdown of the renminbi last week, while Kazakhstan has switched to a free-floating currency regime, abandoning the tenge's peg to the dollar.
The State Bank of Vietnam (SBV) raised its USD/VND reference rate by 1% to 21,890 on August 19, according to a statement on its website, and it also widened the dong's permitted trading band to +/–3%, allowing it to
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