Frances Cheung (pictured), head of Asian rates strategy, Crédit Agricole CIB:
The baht had depreciated by more than 9% since late October, when the local political issue started to emerge, before stabilising of late to recoup some of its earlier losses. The negative impact on the currency thus far has been mainly brought through equity and bond outflows, while Thailand’s external position has actually improved, with narrower trade deficits on a rolling basis.