BANGKOK, 13 August 2015 – The Commerce Ministry is closely monitoring the Thai Baht against foreign currencies as the devaluation of Chinese yuan to 6.3306 yuan per US dollar will affect Thai exports to a certain extent, Spokesperson of the Commerce Ministry Duangkamol Jiambutr said.
Mrs. Duangkamol cited a report by the Thai Commercial Counselor in China as saying that yesterday’s announcement by the Chinese government on the yuan devaluation had forced its currency to the lowest level in 20 years.
“Thai exports will feel the pinch from the yuan weakness,” said Mrs.Duangkamol, saying however that impacts would be seen only in the export of extravagant commodities such as houseware items. Raw materials like rubber and cassava that China has been importing from Thailand should be left unscathed by the move.
She emphasized that the ministry would keep track of not only the yuan but all foreign currencies, noting that the currency devaluation policy was pervasive across the world as it was a tool to keep exports competitive.
Although the baht has weakened to 35.38-35.39 baht per US dollar, the spokesperson said Thai exports would not gain a competitive edge as other countries also cut the value of their currencies.
