1On July 2, 1997, Thailand announced that it would abandon the fixed exchange rate system and implement a floating exchange rate system, which triggered a financial storm sweeping Southeast Asia.

1997 a series of Japanese banks and securities companies went bankrupt in the second half of the year. The Southeast Asian financial crisis evolved into the Asian financial 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.

By the end of 1998, the Russian economy was still in trouble. 1999, the financial crisis is over.

Extended data:

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 lead to a situation that will affect the whole body.

Play with reference resources: Baidu Encyclopedia-1998 Russian financial crisis

Play with reference resources: Baidu Encyclopedia-1997 Asian financial crisis