webfact Posted August 14, 2015 Share Posted August 14, 2015 UTCC says Yuan devaluation unusualBANGKOK: -- The University of the Thai Chamber of Commerce (UTCC) says China’s devaluation of its currency was unusual, reasoning there was no cause for the move.Director of the Center for Economic and Business Forecasting of the UTCC Mr Thanawat Polvichai said the cut in the yuan’s value was an unusal move as China was neither facing a huge trade deficit nor a severe economic recession.But he said the Yuan devaluation could signal slower-than-expected recovery in the world economy.He noted that the currency devaluation might contract Thai exports and affect Chinese tourists to the Kingdom.Meanwhile Minister of Tourism and Sports Kobkarn Watthanawarangkul advised Thai tourism entrepreneurs not to cut prices following the yuan devaluation saying it might affect price structures.China’s devaluation of its currency might affect the Chinese inbound market and that Thai tourism entrepreneurs should maintain their price structures, she said.She said they should not decrease prices to attract buyers since a lot of Chinese tourists still travel to Thailand.The minister said she had instructed the Tourism Authority of Thailand to look for new potential markets as a long term remedy especially those in Central Europe, Australia, New Zealand as well as high-purchasing power markets in ASEAN, in order to diversify risk.However the Ministry of Commerce foresees limited impact from China’s devaluation of the yuan on Thai exports whileSpokeswoman of the Commerce Ministry Duangkamol Jiambutr said that most Thai exports to China are raw materials, such as para rubber and cassava, so they are unlikely to be affected much.But globally, she cautioned that weaker yuan could boost Chinese products, allowing them to outshine items from other countries, including Thailand due to cheaper prices.Source: http://englishnews.thaipbs.or.th/utcc-says-yuan-devaluation-unusual -- Thai PBS 2015-08-14 Link to comment Share on other sites More sharing options...
Always18 Posted August 14, 2015 Share Posted August 14, 2015 (edited) "The UTCC says China's devaluation of it's currency was unusual, reasoning there was no cause for the move..." Really? - Thai arrogance/ignorance knows no bounds................................ Edited August 14, 2015 by Always18 Link to comment Share on other sites More sharing options...
fiddlehead Posted August 14, 2015 Share Posted August 14, 2015 Yeah, the first sentence and the last sentence pretty much contradict each other. Link to comment Share on other sites More sharing options...
zaphod reborn Posted August 14, 2015 Share Posted August 14, 2015 The Yuan's exchange rate is completely artificial, so devaluing the currency to boost China's struggling export market is no surprise. Also, notice how soon TAT has abandoned the Chinese tourism market. Have they looked at the AUD? Not really a strong currency right now. Maybe you should be marketing to Americans and Europeans? Ohhh, but your fearless leaders have already managed to offend those markets by thumbing their noses at the TIP, IASA and IUU reports. Good luck with the Kiwis - that's a huuuuge market. Link to comment Share on other sites More sharing options...
NongKhaiKid Posted August 14, 2015 Share Posted August 14, 2015 "The UTCC says China's devaluation of it's currency was unusual, reasoning there was no cause for the move..." Really? - Thai arrogance/ignorance knows no bounds................................ Maybe if China, a major world financial power, had only asked LoS for advice first they wouldn't have made such an unnecessarily wrong move. Link to comment Share on other sites More sharing options...
NongKhaiKid Posted August 14, 2015 Share Posted August 14, 2015 "The UTCC says China's devaluation of it's currency was unusual, reasoning there was no cause for the move..." Really? - Thai arrogance/ignorance knows no bounds................................ Maybe if China, a major world financial power, had only asked LoS for advice first they wouldn't have made such an unnecessarily wrong move. Link to comment Share on other sites More sharing options...
Thai at Heart Posted August 14, 2015 Share Posted August 14, 2015 Indeed. If it was unnecessary, why do it. Did they ask anyone in China why they thought it was necessary? If not, are they implying the Chinese did this for the fun of it? Link to comment Share on other sites More sharing options...
Thailand Posted August 14, 2015 Share Posted August 14, 2015 Words of little wisdom from a non think tank. Link to comment Share on other sites More sharing options...
Orac Posted August 14, 2015 Share Posted August 14, 2015 "The UTCC says China's devaluation of it's currency was unusual, reasoning there was no cause for the move..." Really? - Thai arrogance/ignorance knows no bounds................................ A bit of 'Thainess' at work here. Rather than admit they don't know why there was a devaluation and there might be something they are not aware of they are suggesting the PBOC is stupid and doesn't know what it is doing. Link to comment Share on other sites More sharing options...
Thai at Heart Posted August 14, 2015 Share Posted August 14, 2015 "The UTCC says China's devaluation of it's currency was unusual, reasoning there was no cause for the move..." Really? - Thai arrogance/ignorance knows no bounds................................ A bit of 'Thainess' at work here. Rather than admit they don't know why there was a devaluation and there might be something they are not aware of they are suggesting the PBOC is stupid and doesn't know what it is doing. Whilst their own currency has devalued 10% in the last month or so. Of course, this was necessary..... Link to comment Share on other sites More sharing options...
Usernames Posted August 14, 2015 Share Posted August 14, 2015 Oops. China forgot to ask Thailand for permission to devalue. Naughty, naughty. Link to comment Share on other sites More sharing options...
thesetat2013 Posted August 14, 2015 Share Posted August 14, 2015 "The UTCC says China's devaluation of it's currency was unusual, reasoning there was no cause for the move..." Really? - Thai arrogance/ignorance knows no bounds................................ Maybe if China, a major world financial power, had only asked LoS for advice first they wouldn't have made such an unnecessarily wrong move.I am also curious to see how this will effect the rice deal China has made with Thailand. Was the price set to buy it from Thailand at the previous currency exchange rate or was it on a future exchange rate. If the latter Thais may find they are losing even more money Link to comment Share on other sites More sharing options...
chickenrunCM Posted August 14, 2015 Share Posted August 14, 2015 so now time for put up the price because less Chinese will come, so they can make the same money out of less tourist, this year there will not be any decrease but next year bookings will go down, and it will be a very long low season Link to comment Share on other sites More sharing options...
phoenixdoglover Posted August 14, 2015 Share Posted August 14, 2015 If you accept the official Chinese economic figures at face value.... That is all. Link to comment Share on other sites More sharing options...
Prbkk Posted August 14, 2015 Share Posted August 14, 2015 China stood by and watched as the rest of the world printed money but now Washington complains about dirty tricks? The Yuan rode up with the USD to a point well above fair value. It won't stop at 4% and the rest of Asia will be along for the ride. Fasten your seat belts. Link to comment Share on other sites More sharing options...
denby45 Posted August 14, 2015 Share Posted August 14, 2015 It was inevitable this would happen after the money printing (read that as devaluation) of the Japanese Yen over the last months. Who is next in the race to the bottom? Den Link to comment Share on other sites More sharing options...
Srikcir Posted August 14, 2015 Share Posted August 14, 2015 (edited) "The UTCC says China's devaluation of it's currency was unusual, reasoning there was no cause for the move..." And the Chinese still haven't learned the cause: "there is a likelihood that that the China's central bank will opt to further devaluate the yuan, as Beijing is showing a readiness to use the exchange rate as another tool to boost the country's economy." - Kobsak Pootrakool, executive vice president at Bangkok Bank But the Thai government is so much more smarter having 2%-2.5% GDP growth for 2015 versus China's 7%. Edited August 14, 2015 by Srikcir Link to comment Share on other sites More sharing options...
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