SINGAPORE: The Thai baht has been the runaway success among Asian currencies this year, surging more than 6% while the US-China trade war has punished peers such as the South Korean won and Chinese yuan.The Thai currency has proven to be the preferred Asian hedge against global trade frictions, sheltered by the country’s current-account surplus and record foreign reserves.
While US-China trade sentiment has recently appeared to improve, a stiff test is approaching with high-level talks due to start in Washington early next month. The 25 basis-point reduction on Aug 7 caught economists by surprise, but had already been priced into currency forwards. At the same time, a build-up in Thai household debt may give policy makers an additional reason to stay on hold.
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