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Thai central bank would push local gold trade out of baht and into dollars
Thailand's Gold Plan May Curb Baht Without Incurring U.S. Anger
By Lilian Karunungan and Suttinee Yuvejwattana
Tuesday, July 28, 2020
The Bank of Thailand's plan to sever the link between gold trading and the baht may be a way to limit the currency's gains without incurring the wrath of the U.S. over foreign-exchange manipulation.
The Thai central bank says it's in talks with market participants about converting local gold trading to U.S. dollars, including futures, to reduce the baht's strength. Policy makers have long complained the appreciating currency threatens to damage the country's exports.
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The baht fell at the start of the Covid-19 outbreak but has since gathered strength amid the gold fervor. The surge in the precious metal has convinced many Thais to cut their holdings, forcing local shops to sell in the international market. The step of exchanging dollars into baht as part of the process has been one of the factors helping the Thai currency gain about 5% from its March low. ...
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