US probing whether Vietnam undervalues its currency

The United States is opening an investigation into whether Vietnam has been undervaluing its currency and harming US commerce, the US Trade Representative's office said in a statement on Friday.

The probe was launched at President Donald Trump's direction, according to the statement.

Vietnam has been on Washington's watch list of currency manipulators because of its trade surplus with the United States, a large current-account surplus and a perception that its central bank has been actively buying foreign currency.

Vietnam's central bank governor Le Minh Hung said on Friday that his country "has not intended and will not intend to use monetary policies in general and exchange rates in particular to create unfair competitive advantage in international trade."