China's yuan devaluation could do more good than harm to Thai exports, as the stimulus will spur demand for Chinese imports of agricultural items such as rubber and tapioca.
Aat Pisanwanich, director of the Center for International Trade Studies at the University of the Thai Chamber of Commerce, said the weaker yuan would enhance China's export competitiveness, particularly in cars, motorcycles and electrical appliances.
"The yuan is not the single currency that's fallen," he said. "The baht has also weakened. That will benefit shipments of rubber, tapioca, food, fruits and vegetables, and the raw materials to make electrical appliances, from Thailand."
According to Mr Aat, the competitiveness of Thai exports is unlikely to be damaged, as Thai products are competing in different markets.
"Thailand-made products such as electrical appliances and processed food, for instance, are considered as higher quality," he said.
"But if the yuan weakens further, it may draw foreign tourists to China. That will give China higher income not only from exports but also from tourism."
Duangkamol Jiambutr, a spokeswoman for the Commerce Ministry, said the yuan's weakness might create problems for Thai luxury goods such as household appliances and fashion products, which will become more expensive.
"But the impact is likely to be marginal," she said. "A majority of products imported by China from Thailand are raw materials for production. Demand for Thai food and fruits and vegetables will also remain strong, given their high quality."
China is Thailand's biggest export destination. Thai shipments to the world's second-biggest economy amounted to 1.06 trillion baht in the first half of the year, accounting for 14.8% of overall exports. Thailand's exports to China last year totalled 2.06 trillion baht, representing 14%.
Arkhom Termpittayapaisith, secretary-general to the National Economic and Social Development Board, said the yuan devaluation would have a positive effect on shipments from Thailand, which now ranks as China's third-biggest trade partner.
Kasikorn Research Center also forecasts a limited impact on Thai exports to China, most of which are commodities and intermediate products.
KResearch expects Thai exports to shrink by 3.2% this year.
Deputy Prime Minister MR Pridiyathorn Devakula said the government would closely monitor the foreign exchange impact, adding that the Bank of Thailand is capable of managing the Thai currency to ensure a proper balance of imports and exports.
Tanit Sorat, vice-president of the Employers' Confederation of Thai Trade and Industry, said the rapid pace of the yuan devaluation could translate into falling imports into China.
"This will definitely affect Thailand's exports to China, as higher prices in line with foreign exchange risk will force some Chinese consumers to choose cheaper locally made products," he said.
In contrast, China's exports to Thailand and other Asean countries will rise as the weaker yuan makes the prices of Chinese products more attractive.
Sisdivachr Cheewarattanaporn, an adviser to the Association of Thai Travel Agents, said the weaker yuan's impact on Thai tourism would be short-lived.
The Chinese currency has depreciated by 4.6%, and the Thai baht is weakening as well, so tour packages to Thailand will rise by 1,000 baht at most, Mr Sisdivachr said.
"The 1,000-baht rise is not significant for Chinese tourists wishing to visit Thailand," he said. "They still have a lot of potential to go abroad."
Vichit Prakobgosol, president of CCT Group, a top-three tour company catering to Chinese tourists, agreed that the tourism impact would be modest.
"I'm still confident that Chinese tourist arrivals will meet the target of 7 million this year," he said.
In his view, if the Chinese government's attempt to boost exports does work, its economy will prosper in the long term and ultimately benefit Thailand and Thai tourism.
Tourism and Sports Minister Kobkarn Wattanavrangkul suggested Thai tour operators hold prices steady to draw Chinese tourists in the wake of the yuan devaluation.
"We're still confident that Chinese tourists will continue to visit Thailand," she said. "If Thai tour agents use a price reduction to draw customers, their profit margins will shrink and they will suffer a lot."