34W26: SBV extends net liquidity withdrawal as USDVND continues to ease

During 34W26, the SBV extended its net liquidity withdrawal for a second consecutive week via open market operations as banking system liquidity pressures continued to subside, supported by favorable regulatory adjustments. On the interbank market, the yield curve steepened as short-term rates dropped sharply while middle-tenor rates edged higher and average daily trading value expanded. On the FX front, the USDVND decreased, moving in tandem with a softer U.S. dollar following expanded U.S. Treasury buybacks and euro strength, despite continued foreign net selling on the HoSE totaling VND2.66tn.