泰国央行称已进行大规模干预 以平抑泰铢波动

Core Viewpoint - The Thai baht has appreciated significantly due to a surge in gold trading, prompting the central bank to take measures to mitigate its volatility [1][2]. Group 1: Currency Appreciation - The Thai baht has strengthened by 10.3% against the US dollar this year, trading around the 31 mark, the highest level in over four years [1]. - The appreciation is driven by substantial gold trading volumes, which are not aligned with the country's economic fundamentals [1][2]. - Factors contributing to the baht's rise include a weaker dollar, capital inflows, and a higher-than-expected current account surplus [1]. Group 2: Central Bank Measures - The Bank of Thailand has initiated measures to scrutinize capital inflows exceeding $200,000 and has mandated stricter compliance from banks [2]. - The central bank plans to regulate online gold trading and may impose limits on trading volumes to alleviate the baht's strength [2]. - A loan guarantee scheme is set to launch in January 2026, expected to generate an additional 100 billion baht in credit for eligible SMEs [2]. Group 3: Economic Impact - The rapid appreciation of the baht has weakened Thailand's export and tourism competitiveness [2]. - Despite large-scale interventions in the second half of the year, the central bank has only managed to ease volatility without setting a specific target for the baht's value [2]. - The central bank may consider further monetary policy easing if necessary, although it acknowledges that lowering interest rates will not address structural issues [3].