The Thai baht has always been 'adjusted' so as to assist the rich and powerful when making overseas investments, or when importing from overseas. It has never been allowed to float in accordance with market conditions. This did, however, go horribly wrong in 1997/8 when creditors world-wide decided to demand repayment of their loans to Thailand, and the baht lost almost 100% of it's former value sparking a world-wide financial crisis.