First of all, the financial turmoil originated in Southeast Asia. At that time, their economic development was overheated, resulting in a bubble, and then they relied on foreign capital and the exchange rate was overvalued. The international hot money speculative capital headed by Soros attacked the Thai exchange rate together, sold in large quantities, and then led to everyone's safe selling. Thai dollar's foreign exchange reserves were quickly used up, and then the fixed exchange rate was abandoned, and the purchasing power was completely destroyed, and the stock market plummeted. The financial crisis has begun. Then, it attacked the whole of East Asia. In the end, Hong Kong and Russia lost. Because China didn't open its financial market, it basically didn't suffer.

Look at the political factors behind it. At that time, the Asian economy was in full swing. Originally, the good relationship between the United States and Asian countries was to balance the Soviet camp. After the disintegration of the Soviet Union, the United States naturally did not allow the Asian economy to prosper so much. Therefore, the U.S. government's attitude towards speculative capital in dollars is indulgent.

I won't be as verbose as they are. If you want to say more, just say it, and I will keep talking.