Cause of outbreak

1, caused by the economic form of Asian countries;

2. The influence of American economic interests and policies;

3. george soros's individuals and the supporting factors of their capitalist groups:

The economic form of Asian countries leads to: Singapore, Malaysia, Thailand, Japan and South Korea are all export-oriented countries, and they are highly dependent on the world market. The shake of the Asian economy will inevitably lead to a situation that will affect the whole body.

Take Thailand as an example. Whether the Thai baht should be bought or sold in the international market is not dominated by the government, and Thailand itself does not have enough foreign exchange reserves. Facing the speculation of financiers, the national economy is vulnerable. The economy determines politics, so the political situation in Thailand is turbulent.

Analysis by domestic scholars: direct trigger factors, internal basic factors and world economic factors.

Extended data

In mid-July, 1997, Hong Kong experienced the first shock. Under the speculative selling of a large number of international hot money, the exchange rate of the Hong Kong dollar has been hit all the way down. Hong Kong monetary authorities immediately entered the market and intervened forcibly to stabilize the exchange rate of the Hong Kong dollar.

1997 in late July, international hot money launched the second attack. The Hong Kong government raised the interest rate of the Hong Kong dollar by issuing a large number of government bonds, which in turn pushed the exchange rate of the Hong Kong dollar up sharply against the US dollar. When speculative selling of the Hong Kong dollar began again, the Hong Kong Monetary Authority sharply raised short-term interest rates, which led to a surge in overnight lending rates.

On the other hand, the China government has repeatedly stressed that it will fully support the Hong Kong government in maintaining the stability of the Hong Kong dollar and, if necessary, will jointly crack down on international hot money speculation. This is undoubtedly a shot in the arm for Hong Kong, ensuring that Hong Kong can weather the financial crisis safely and defend the linked exchange rate system of the Hong Kong dollar.

So far, with the joint efforts of the economic departments of the mainland government, Hong Kong has stubbornly resisted the impact of the financial crisis, defended the linked exchange rate system of the Hong Kong dollar and ensured the security and stability of the Hong Kong economy.

Reference source: Baidu Encyclopedia-Asian Financial Storm

People's Network-Successfully Resisting the Asian Financial Crisis