Thai exporters to benefit from stronger yuan: bank official

17:34, June 21, 2010      

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Thai exporters are well positioned to benefit from the appreciation of Chinese currency as the currencies of their main competitors have also become stronger, said a deputy governor for monetary stability at the Bank of Thailand on Monday.

Bangkok Post online quoted Bandit Nijathaworn as saying that Thai exporters will benefit from China's decision to make the yuan more flexible on Saturday since the appreciation strengthened purchasing power of Chinese people and Thai exporters can ship more goods to the country.

The export to China makes up about 12 percent of the total export of Thailand.

The deputy governor said the value of Thai baht against U.S. dollar shows a tendency of depreciation, which is in line with the country's economic fundamentals and market mechanism. If it does not fluctuate too much, it will be good for the export sector.

On the other hand, Sopawadee Lertmanaschai, secretary-general of the Government Pension Fund (GPF), said more foreign investment will flow into countries in Asia due to the appreciation of the Chinese currency.

Source: Xinhua


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