Market Highlight 10.11.2026

China’s foreign exchange reserves rose to 3,405 trillion USD at the end of October as the CNY strengthened on robust exports. Largely unaffected by weakening domestic economic data, the renminbi has recently appreciated to its strongest level against the USD in 4 years. To curb this appreciation, the People’s Bank of China (PBoC) adjusted foreign exchange regulations last Tuesday by raising the foreign currency reserve requirement ratio for financial institutions. The move signaled an effort to slow the pace of CNY appreciation to avoid undermining the global competitiveness of Chinese exporters. Meanwhile, extending its gold-buying streak into a second consecutive year, the Chinese Central Bank increased its gold reserves to 78,3 million ounces in October.

Meanwhile, the State Bank of Vietnam (SBV) has announced the launch of spot foreign currency purchases, providing an additional channel to support banking system liquidity. Specifically, from 11/11/2026, the SBV is expected to purchase USD every Monday and Wednesday at 25.500 VND/USD. When credit institutions sell USD to the SBV, they receive VND to balance their funding needs. As the SBV has not announced a purchase limit for each session, the total amount of VND liquidity to be injected through this channel remains uncertain.
Domestically, interbank USD/VND fell sharply by around VND 100 to 25.480 on Monday morning before recovering to 25.540 by the end of the afternoon session following the SBV announcement. Going forward, interbank USD/VND could establish a new equilibrium around the SBV’s USD purchase rate of 25.500. However, the market still faces uncertainty from the FED’s expected rate hike in December and the possibility of further escalation in global geopolitical tensions following the U.S midterm elections.

Please contact the nearest Asia Commercial Joint Stock Bank's branch to receive information and consultancy if you are in need of making any foreign exchange and derivatives transactions.

Asia Commercial Joint Stock Bank assumes no responsibility or liability for any purpose of reference or using the information provided by this newsletter.

Directly contact us to receive market news and consultancy on foreign exchange products and derivatives:

- Financial Markets Division – Email: ktttc@acb.com.vn ; or

- Mr. Khanh Hoang (Financial Markets Senior Analyst) – Email: hoangnk@acb.com.vn