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Mr. Market may still be rising, but stresses in the system remain, at a country level. Vietnam has devalued its currency.

Vietnam on Wednesday gave the world 24 hours notice of its impending currency devaluation, and also became the first Asian country to raise interest rates after Australia. As Bloomberg reports, the State Bank of Vietnam devalued the dong from Thursday in efforts to curb accelerating inflation and a rapidly widening trade deficit.

The first of many? Unlikely at this stage. Although a number of economies, particularly the Euro economies of Greece, Spain, & Ireland remain under considerable stress.

http://ftalphaville.ft.com/blog/2009/11/25/85201/vietnam-ding-goes-the-dong/

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