This supersedes the version dated 28 May 2013.
• Large holdings of gold in Vietnam affect exchange rate, trade balance and economic stability
• The SBV’s recent consolidation of gold imports is likely to have only a temporary impact
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The world economy is in transition. Global growth rates are picking up, but transition means elevated risks and volatility.
In terms of global implications, all eyes will be on the US and China, with the US normalising monetary policy and China rebalancing its economy.
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