Thai economy unaffected by weakening yuan
BANGKOK, 12 August 2015 (NNT) – The Ministry of Finance and the Bank of Thailand (BOT) have confirmed that China’ decision to weaken its currency, Yuan, won’t affect the country.
Speaking about the impact of the weakening Yuan on the country’s tourism, Finance Minister Sommai Pasee said prices of Thai products and services would be higher by no more than two percent, which would be marginal for Chinese tourists.
As for the export sector, Mr. Sommai disclosed that the Ministry of Commerce was working on ways to cope with China’s economic measures. He has ruled out the possibility of lowering interest rates to devalue the Thai baht as the general public would be affected.
Beijing has recently announced its decision to its currency to 6.22 yuan per dollar, the lowest during the past three years, to boost its export competitiveness. The devaluation is intended to make Chinese products cheaper than those produced by rival exporters.
Meanwhile, the Bank of Thailand reported that the weakening yuan had caused the value of Thai baht to fall by 0.35 percent. This will foster China’s economy in the long run and will benefit the region’ economy accordingly.
-- NNT 2015-08-12
BANGKOK, 12 August 2015 (NNT) – The Ministry of Finance and the Bank of Thailand (BOT) have confirmed that China’ decision to weaken its currency, Yuan, won’t affect the country.
Speaking about the impact of the weakening Yuan on the country’s tourism, Finance Minister Sommai Pasee said prices of Thai products and services would be higher by no more than two percent, which would be marginal for Chinese tourists.
As for the export sector, Mr. Sommai disclosed that the Ministry of Commerce was working on ways to cope with China’s economic measures. He has ruled out the possibility of lowering interest rates to devalue the Thai baht as the general public would be affected.
Beijing has recently announced its decision to its currency to 6.22 yuan per dollar, the lowest during the past three years, to boost its export competitiveness. The devaluation is intended to make Chinese products cheaper than those produced by rival exporters.
Meanwhile, the Bank of Thailand reported that the weakening yuan had caused the value of Thai baht to fall by 0.35 percent. This will foster China’s economy in the long run and will benefit the region’ economy accordingly.
-- NNT 2015-08-12
