There is this emerging argument that the pressure on the exchange rate is partly caused by gold smuggling, for example, this article from Doanh Nhan Vietnam. The theory is that people are buying up US dollars to buy gold overseas and then smuggling it in. That may be the case, however, it would have to be a lot of gold being smuggled in to impact the exchange rate–if there was that much the gold price should probably be coming down too.
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Gold auctions in Vietnam to reduce exchange rate pressure?
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