Asian currencies experienced a downturn yesterday, led by Thailand‘s baht, as concerns heighten surrounding the recovery status of the global economy’s second-largest player, China.
The baht plunged by a substantial 0.8%, marking it as the largest depreciation against the US dollar in half a dozen weeks. Across the waters of offshore markets yesterday afternoon, it was changing hands at approximately 35.30 to the dollar.
Growing anxieties stem from the July data on China’s industrial output and retail sales, which display a decelerating rate and lower-than-expected figures respectively. These trends bolster the already present batch of unsatisfying economic statistics. The idea that policymakers may indeed need to increase their support for the economy is gaining credence.
Interestingly, policymakers in Beijing also announced their…
