For Thailand and other countries: use a lot of money as collateral, first secretly buy a lot of Thai baht (that is, buy short), and then use the Thai baht in your hand to buy a lot of dollar futures (open positions). This led to a sharp rise in the US dollar against the Thai baht in the futures market. Ordinary investors don't understand the situation, thinking that the futures market will rise and the spot market will also rise. So everyone exchanged Thai baht for dollars, which put pressure on Thai baht to depreciate against the dollar. The Thai authorities implemented an exchange rate system pegged to the US dollar (similar to China and Hongkong at that time). Therefore, in order to maintain the exchange rate, the Thai government must use its US dollar reserves to buy Thai baht in the spot market (which is just the opposite of China's recent government operation). However, Solas is also well prepared in the spot market, throwing out a lot of Thai baht. Let the Thai government's more than 20 billion dollars simply not enough. The government cannot control foreign exchange prices through the market. So Thailand just "announced" a floating exchange rate system. The Thai baht depreciated against the US dollar in the spot market. At this time, there were a lot of US dollar futures and spot purchases for the lock screws, and the Thai baht position that had been sold out before the expiration made him make a big profit.
In Hong Kong (whose exchange rate system is similar to Thailand's), when Soros did it again, Hong Kong had more than $30 billion in foreign exchange reserves. Originally, it was enough to tighten the screws, but at the critical moment, Zhu Rongji gave the order, and the mainland of China extended a helping hand to Hong Kong! I guess it's in the China Bank Building (or elsewhere). . ) immediately has hundreds of billions of disposable dollars and is ready to help Hong Kong maintain exchange rate stability. Solas still sold Hong Kong dollars at first, while Chinese mainland and Hong Kong bought Hong Kong dollars. The price of the Hong Kong dollar has not fallen, but has to appreciate. At this time, Solas's Hong Kong dollar futures are about to expire. If the spot does not go to other futures, it will lose money, and the party that buys futures (Chinese mainland and Hong Kong) will make a profit. Soros found that the mainland was holding up, and he knew that his dollar capital (used to mortgage the purchase of Hong Kong dollars, thus constructing the future position of Hong Kong dollars against the US dollar) was not enough to compete with the foreign exchange reserves of the mainland+Hong Kong. After losing a lot, stop in time.
This is based on the analysis of exchange rate futures and spot market, which should partially answer your question. I haven't figured out the problems of stock index and interest rate market yet. Locking screws should have been operated in three markets at the same time.
The analysis may be wrong. I hope that those who find mistakes will correct me. Thank you!