Hmmm
The rich could make dramatically more on price movement.......... If they know beforehand that it's likely to move........... (which they'd know to some degree if it's being manipulated) .......... than they could ever hope make with the baht merely remaining strong.
Baht is going down, buy up the foreign. Baht gets pushed back up, sell the foreign and buy back the baht. Upward movements make a profit........... downward movements make a profit.
But if it's artificially being kept high, then the rich stand to benefit much less, because the movement has been curtailed.
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Once had a case where I was staying almost next door to a money exchange at a time when the baht-to-dollar was bouncing like a ping pong ball.
Day 1, changed baht to dollars.
Day 2, changed dollars back to baht.
Day 3, changed baht back to dollars.
Day 4, changed dollars back to baht.
On days 2, 3 and 4, I made about 300 baht profit each time.
Altogether, spent maybe 30 minutes altogether walking to and fro, plus a little more for exchange time. Cleared a 900 baht profit, roughly, for less than an hour's effort. Lol
Not big money in my case, of course. Small potatoes.
But when you've GOT big money, you don't want the baht fixed high. You want volitility........... so you can skim a little profit again and again and again! A little on the up............ then a little on the down! Then a little on the up......... then a little on the down!
They don't want manipulation to make it easier to buy a big house in Switzerland. They want manipulation so that volitility becomes dramatically more predictable! If they've got THAT........ then the 3rd, 4th, and 5th houses follow the 2nd one pretty quickly!
Cheers!