Thailand Pushes Yuan, Ringgit Use to Curb Baht Volatility

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Thailand’s move comes amid a growing backlash against the hegemony of the U.S. dollar across the globe. Photo: Bloomberg

(Bloomberg) — Thailand plans to promote the use of yuan and other Asian currencies in trade and investments to curb wild swings in the baht against the U.S. dollar, according to a central bank official.

The Bank of Thailand (BOT) expects greater use of regional currencies to help reduce exchange risk as they often move in tandem with the baht, assistant governor Alisara Mahasandana said in an interview in Bangkok last week.