BANGKOK (AP) — Thailand slapped a 15 percent tax on the income that foreigners earn from investing in Thai bonds, hoping to stem strength in its currency as Asian nations scramble to keep their exports competitive against China.
Announcing the measure Tuesday, Finance Minister Korn Chatikavanij said it will apply to all new foreign purchases of bonds sold by the government, state companies and the central bank.
A rush of cash into Asia as investors seek a haven of high-growth amid miserably low returns in the developed world is pushing many Asian currencies higher including Thailand's baht, which recently hit a 13-year peak against the U.S. dollar.
But China's currency, …
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