泰国央行与财政部拟出手应对泰铢非基本面波动

Core Viewpoint - The Bank of Thailand and the Ministry of Finance are actively discussing measures to address the mismatch between the Thai baht's exchange rate fluctuations and the economic fundamentals, with a focus on the impact of gold prices on the baht [1][2]. Group 1: Exchange Rate Dynamics - The Thai baht has appreciated approximately 11% over the past year, making it one of the strongest currencies in Asia [1]. - The baht has risen about 5.5% against the US dollar this year, raising concerns among Thai businesses regarding its impact on exports and tourism [2]. Group 2: Government and Central Bank Actions - The Bank of Thailand is prepared to take necessary actions to control excessive fluctuations in the baht that are disconnected from economic fundamentals [2]. - The central bank aims to maintain exchange rate stability while balancing various economic objectives, including preventing drastic capital flow changes and ensuring domestic economic stability [2]. Group 3: Gold Price Influence - Gold prices are identified as a non-fundamental factor influencing the baht's exchange rate, with discussions ongoing about reducing the correlation between gold prices and the baht [1]. - Thai investors typically sell gold when prices rise, converting the dollar proceeds back to baht, which can support the baht during gold sell-offs, but also exposes it to non-economic influences [1].