Thai peg plan gets market thumbs-up

MARKET NEWS

BANGKOK -- A top Thai economist’s plan to peg the Thai baht to a basket of currencies has received the thumbs-up from FX market participants, although the plan is unlikely to come into being.

Former finance minister Virabongsa Ramangkula -- who is also an adviser to the Thai prime minister -- last week said that Thailand should devise a new system to manage the baht, pegging the unit to a basket of currencies of regional and major trading partners.

The plan -- an alternative to the current man