Thailand cuts rate to lowest since June 2010

Thailand's central bank on Wednesday cut its key interest rate to the lowest level in nearly a decade, as the US-China trade dispute takes a toll on the country's economy.

Policymakers at the Bank of Thailand lowered the rate by a quarter of a percentage point to 1.25 percent. The last time the interest rate was that low was June 2010, when Thailand was still reeling from the global financial crisis. Wednesday's move was the second cut this year.

The policymakers said exports are falling faster than expected, leading to few jobs in the sector and a slowdown in personal spending.

A senior central-bank official warned that the trade dispute is adding to downward risks for the economy.

Thailand follows Indonesia, the Philippines and other major Southeast Asian economies in cutting rates to stimulate their economies.