Thailand & Korea bottoming out? Message Board

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Strategies & Market Trends : Thailand & Korea bottoming out?

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To: Tom who wrote (11)	6/5/1997 10:26:00 PM
From: Tom	of 26

The central bank last month blocked baht supplies to foreigners who attacked the currency, thinking it would be devalued. That forced the speculators to pay high rates to acquire baht elsewhere and resulted in what offshore dealers called a bloodbath. [Hahaha. Good!] A report from Singapore-based research house Idea said United States life insurance firms were looking to unwind currency contracts that entailed buying US$300 million to $500 million of baht yesterday morning, "but the current liquidity conditions simply do not permit". [Oh, well.] Dealers said there was talk the central bank might keep the two-tier market for a further four to eight weeks to monitor the situation - and punish speculators. [:-)]

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