With the collapse of the Thai baht in mid-1997, the entire region entered an economic maelstrom.
The SET stock index is up 19% (total return in Thai baht) over the past year.
When the Thai baht crisis hit Southeast Asia in 1997 he switched his attention to China.
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Other Asian currencies such as the Thai baht and the South Korean won are also undervalued.
Five successful groups are now renegotiating their prices, following the sharp devaluation in the Thai baht.
Also getting noticed was a 15% rise this year of the Thai baht against the U.S. dollar.
Already, the Thai baht, Korean won, Malaysian ringgit, Singapore dollar and Philippine peso are under downward pressure again.
Considering you have the Thai baht, the Malaysian ringgit and the Singapore dollar all under pressure, India is stable.
In the year after the 1997 devaluation of the Thai baht, for example, emerging-market stocks lost almost a quarter of their value.
The South Korean won and the Thai baht have both recovered by more than 30% against the dollar from their January lows.
This feud, Mr Garran argues, was the most visible example of a debate that became heated after the Thai baht was devalued in July 1997.
In the week beginning on December 15th, the Indonesian rupiah, Philippine peso, Thai baht and Malaysian ringgit all touched historic lows against the American dollar.
Much of the recent fall in the ringgit and the Thai baht has come as local businesses have rushed to cover their exposure to debt in dollars.
Taking over at the end of 1997 after the inept administration of Chavalit Yongchaiyudh, Chuan's government quickly moved to stabilize the economy and arrest the freefall of the Thai baht.
Many of those who could become targets held posts in General Chavalit's government before he was obliged to resign in 1997, after the Thai baht was devalued and Asia's problems began.
An investor who purchased stocks one year after the 1997 Thai baht devaluation, 1997 Indonesian rupiah devaluation or 2002 Argentine peso devaluation would have more than doubled his money during the ensuing 12 months in each instance.
How did the seemingly innocuous devaluation of the Thai baht in July 1997 set off a financial whirlwind that devastated Asia and Russia, and that looked for a stormy few weeks in the following September as if it might sweep away the global financial system?
In 2005, when China last released the yuan from its dollar peg, analysts believed that the U.S. dollar, the euro, the Japanese yen and the South Korean won dominated the basket, but that the basket also included the U.K. pound, the Thai baht and the Russian rouble.
Thai banks are prohibited from selling baht to foreign investors suspected of speculation, and foreign investors can no longer obtain baht by selling Thai equities.
Eleven months after the crash of the Thai currency, the baht, wreckage keeps piling up.
The devaluation of the Thai currency, the baht, in July, started a regional wave that has engulfed the Philippines, Indonesia, Malaysia and now Hong Kong.
It will be used to bolster foreign-exchange reserves depleted by a failed attempt to prevent devaluation of the Thai currency, the baht, and further threatened by the flight of short-term foreign money.
This decision came after the Thai government had exhausted its efforts to support the baht in the face of severe capital outflows due to over extension that was in part real estate driven.
On November 26th it reported third-quarter losses of 19.4 billion baht, the largest loss for a listed firm in Thai history.
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Under the approved fund, families of those killed will be given 250, 000 baht for funeral expenses and an additional 3 million baht for ''psychological trauma caused'', Thai local media reported.
For a start, they have given their support to a new constitution, ratified in the wake of the baht's plunge, which places stiff checks on Thai politicians by vesting real power in independent institutions and encouraging the new bodies to get tough on money politics.
For a country that went through a notorious currency collapse in 1997, baht movements have special significance, although the fundamentals of the Thai economy seem more solid now than during the hot money flow that preceded the Asian financial crisis.
The baht's plunge has been a bonus for CP's core Thai agri-business exports of animal feed, frozen chicken and prawns.
When the baht initially slipped off its moorings in July, Hana Electronics, a Thai exporter, chose not to hedge its currency exposure.
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