1July 2, 997, the Asian financial turmoil swept through Thailand. Soon, the storm spread to Malaysia, Singapore, Japan, South Korea, China and other places. The currencies of Thailand, Indonesia, South Korea and other countries have depreciated sharply. At the same time, most major Asian stock markets have fallen sharply. The impact on foreign trade enterprises in Asian countries has led to the closure of many large enterprises in Asia, unemployment of workers and socio-economic depression.
Break the scene of rapid economic development in Asia. The economies of some Asian economic powers began to slump and the political situation in some countries began to be chaotic. Thailand, Indonesia and South Korea are the countries most affected by the financial turmoil. Singaporeans, Malaysians, Filipinos and Hongkong were also affected, while Chinese mainland and Taiwan Province Province were hardly affected.
1at the beginning of 998, the financial turmoil in Indonesia resumed. In the face of the worst economic recession in history, the countermeasures formulated by the International Monetary Fund for Indonesia failed to achieve the expected results.
1February 998 1 1 day, the Indonesian government announced the implementation of the linked exchange rate system of fixed exchange rate between the Indonesian rupiah and the US dollar, so as to stabilize the Indonesian rupiah. This move was unanimously opposed by the International Monetary Fund, the United States and Western Europe. The International Monetary Fund threatened to withdraw its aid to Indonesia. Indonesia is in a political and economic crisis.
1September 2, 998, the ruble depreciated by 70%. This led to a sharp drop in the Russian stock market and foreign exchange market, which triggered a financial crisis and even an economic and political crisis.
The sudden change of Russian policy has greatly hurt international speculators who have invested huge amounts of money in Russian stock market, and has led to the overall violent fluctuations in the foreign exchange markets of American and European stock markets. By the end of 1998, the Russian economy was still in trouble. 1999, the financial crisis is over.
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Related influence
The financial crisis has a far-reaching impact, exposing some deep-seated problems behind the rapid economic development of some Asian countries. In this sense, it is not only a bad thing, but also a good thing, which provides opportunities for developing countries in Asia to deepen reform, adjust industrial structure and improve macro-management.
Because of the arduous task of reform and adjustment, it will take some time for these countries to fully restore their economies. However, the basic factors of economic growth in developing countries in Asia still exist. After overcoming internal and external difficulties, there is great hope for the improvement and further development of the Asian economic situation.
1In the summer of 997, a rare financial crisis broke out in Asia. Under the continuous onslaught of a group of international speculators, such as American financial speculator Soros, who is known as the "financial thief", since Thailand, the foreign exchange market and stock market of Southeast Asian countries such as the Philippines, Malaysia and Indonesia have plunged all the way, and then rebounded. After his success in Southeast Asia, Soros decided to move to Hong Kong.
The festive atmosphere of Hong Kong's return has not yet dispersed, and the Asian financial turmoil has enveloped the city. After consulting the central government, the SAR Government decided to intervene in the market decisively. After several rounds of "hand-to-hand combat", international speculators ran out of ammunition and ran away. Hong Kong won the final victory and kept the development achievements of decades.
Baidu Encyclopedia-1997 Asian financial crisis