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State Bank of Vietnam (SBV)’s headquarters in Ha Noi. The SBV withdrew more than VND1 trillion through the bill channel in the first week of August. — Photo SBV The open market operations (OMO) have been more stable this month after the State Bank of Vietnam (SBV) reduced its intervention in the market. According to Saigon Securities Incorporation (SSI)’s research division, the OMO had seen strong fluctuations last month when the SBV consecutively injected a large amount of Vietnamese dong totalling VND46 trillion through bill issues. In August, the SBV changed its policy, starting to withdraw cash out of the market through the OMO. It withdrew more than VND1 trillion through the bill channel in the first week of August. However, SSI analysts noted, the SBV has still applied the interest rate bidding method in the OMO, with a floor rate of 3.5 per cent per year, with an aim to keep the interbank lending interest rates at high levels. Under the SBV’s move, the interbank … [Read more...] about Central bank reduces intervention on OMO

Economists and analysts said they believe Chinese authorities are keen to support the sluggish economy by allowing a widening policy divergence with other major economies that are raising interest rates aggressively. The People's Bank of China (PBOC) said it was lowering the rate on 400 billion yuan ($59.33 billion) of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points (bps) to 2.75%, from 2.85%. In a poll of 32 market watchers last week, all respondents had forecast the MLF rate would be left unchanged and 29 had predicted there would be a partial rollover. "The rate cut surprises us," said Xing Zhaopeng, senior China strategist at ANZ. "It should be a response to the weak credit data on Friday. The government remains cautious about growth and will not let go." New bank lending in China tumbled more than expected in July while broad credit growth slowed, as fresh Covid flare-ups, worries about jobs and a deepening property … [Read more...] about China unexpectedly cuts 2 key rates, withdraws cash from banking system

Two traders at the trading floor of DSC Securities Co in Ha Noi. Investors can consider selectively disbursing and accumulating stocks with growth prospects in the third quarter of 2022. — VNA/VNS Photo Vietnamese shares are forecast to continue their upward trend this week as profit-taking pressure is cooling down significantly. On the Ho Chi Minh Stock Exchange, the VN-Index rose 0.82 per cent to close Friday at 1,262.33 points. An average of 99.2 million shares was traded on the southern exchange during each session last week, worth VND1.9 trillion (US$81.2 million). Since setting a bottom of around 1,140 points at the beginning of July 2022, last week was the 5th week of the VN-Index's continued upward recovery and this index has surpassed the threshold of 1,260 points, said Sai Gon-Ha Noi Securities JSC (SHS). According to analysts, foreign investors continued to be net buyers, especially on HOSE, where foreign investors had the 4th consecutive week of net buying, … [Read more...] about Shares to keep upward trend this week: brokers