Amid a stumbling economy, Thailand’s central bank has pulled the plug on supporting the currency

Thailand takes a hammer to the baht – CNBC, May 6, 2015
…While the BOT mentioned concerns that the baht’s appreciation against its trading partners and competitors could hurt exports, “the problem with weak exports is also due to structural and cyclical factors (e.g. export product mix, shifts in the manufacturing base to lower-cost countries, and productivity),” analysts at HSBC said in a note last week.
Others noted that exports may be a less pressing concern than debt deflation, or when deflation increases an effective debt burden. Debt for the private sector, combining households and businesses, is above 160 percent of gross domestic product (GDP), HSBC noted…

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