TWO decades ago, Thailand became ground zero of the Asia financial crisis, when its government scrapped a dollar peg with the baht, a devaluation that unleashed a wave of speculative attacks on other regional currencies and shook the global economy. Now, the baht is again posing challenges for Thailand but this time because it may be too strong.
Near record foreign exchange reserves and a currentaccount surplus have burnished the baht’s appeal as a regional haven and attracted foreign capital to Thai bonds.
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