The weakening dollar has seen regional currencies appreciate quickly, with China’s yuan its highest for two and half years, the Korean won and Singaporean dollar strongest in three years, and the new Taiwan dollar at a 23-year high.

The recent strengthening of the baht against the dollar may not be sustainable, the central bank warned, though an analyst said he is cautious about the prospects of a weaker baht for the year and that it may actually be relatively strong towards the end of the year.