The Asian financial crisis was caused by the Soros consortium!

Asian financial markets launched an attack and began selling Thai baht and buying US dollars.

The Thai baht plummeted.

Its purpose is very clear: to disrupt the financial markets in Southeast Asia in order to fish in troubled waters and make a fortune.

The chaos and loss of control of real estate, foreign exchange reserves, and financial market management in some Southeast Asian countries have provided speculators with golden opportunities.

Picking the weakest, Soros's plan is to start with Thailand, Indonesia, and Malaysia, which are the most vulnerable, and then disrupt Asia's "Four Little Dragons" Singapore, South Korea, and Taiwan, and finally capture Hong Kong in an attempt to destroy them.

The impression of invincibility has shattered market confidence and triggered a "herd" mentality.

Soros believes that as long as one country's financial market is knocked down, other countries will inevitably fall one after another. This is the so-called "domino" effect.

Thailand has become the first target.

They sold the baht en masse!

The Thai baht depreciated rapidly!

In order to stabilize the crisis, we can only use a large amount of US dollars and foreign exchange to buy Thai baht to prevent the depreciation of the Thai baht!

The Bank of Thailand and the Bank of Singapore joined forces to enter the market and adopted a three-pronged approach in an attempt to defend the Thai baht position. They spent US$12 billion to absorb the Thai baht; they prohibited local banks from lending the Thai baht to offshore speculators; they significantly raised interest rates. After a close fight, the Thai baht's

The status was temporarily saved.

In order to save cash-strapped Thailand, and to prevent this crisis, the Thai government has spent US$30 billion in foreign exchange reserves.

Later, hosted by the International Monetary Fund, central bank governors from more than a dozen countries and regions around the world held a meeting in Tokyo, Japan. The International Monetary Fund and some countries and regions in Asia committed to sharing a total of US$16 billion for Thailand (

Later increased to US$16.7 billion) financing plan, in which China and Hong Kong each committed to lending Thailand US$1 billion.

On August 21, the Bank for International Settlements (BIS) announced that it would grant Thailand a temporary loan worth US$3.3 billion to help it tide over the difficulties.