1.   Investors sold the baht as they sold Thai assets.

2.   To make their point, they started selling Thai baht, and the government spent billions in the markets trying to fend off the attacks.

3.   All the big banks were rushing to sell baht for US dollars either to repay their foreign debts or to cover their foreign exchange positions.

4.   Investors in the swap markets make agreements to buy and sell baht for a fixed price at a specified time in the future.

5.   It also requires Thai banks to refuse to sell baht to foreigners without proof that the money will not be used for speculation.

6.   The attack has since been thwarted because the Bank of Thailand has ordered Thai commercial banks not to sell baht to short-term foreign investors.

7.   The baht also weakened in the swap market, where investors make agreements to buy and sell baht at fixed prices at fixed times in the future.

8.   The Bank of Thailand has kept a list of foreign investors who sold baht for speculative purposes.

9.   While trading was relatively inactive Monday and Tuesday, the dealer said he believed there would be continuing demand to sell the baht.

10.   Rerngchai and other officials have consistently denied rumors of an impending devaluation that have prompted dealers to sell baht for dollars since Friday.