Thailand's central bank cut its key interest rate by a quarter point for a second consecutive meeting on Wednesday, as expected, seeking to support the underperforming economy which is facing fresh pressure from steep U.

The move comes as Thailand’s economy is grappling with new headwinds, just as it had started to show signs of recovery from a prolonged period of low inflation and weak growth.

Thailand’s central bank governor underscored the need to focus on stability as he warned of an imminent “storm” from an intensifying global trade war, a day before the nation’s rate panel is widely expected to cut its policy interest rate.