In July 1997, the storm first set off in Thailand, defeating the Bank of Thailand in just a few weeks.

The Hong Kong dollar began to be attacked in October 1997, just three months after Hong Kong returned to China.

Unlike Thailand, which focuses on tourism, and Japan, which focuses on investment, Hong Kong’s port logistics industry and Hong Kong Island industry are inextricably linked to the United States. The sharp fluctuations in Hong Kong’s foreign exchange and stock markets have affected U.S.

On October 27, 1997, the U.S. stock market crashed for the first time, and the Dow Jones Industrial Average collapsed by 7.18%.

All U.S. President Clinton, who was in office that year, could say about this was "the stock market situation may be disappointing."