In January 1997, international speculators led by George Soros began to launch an attack on the Southeast Asian financial market that they had coveted for a long time. They began to sell Thai baht and buy US dollars.

The Thai baht plummeted.

Its purpose is very clear: to disrupt the Southeast Asian financial market 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 wishful thinking is to start with Thailand, Indonesia, and Malaysia, which are the most vulnerable, and then disrupt the "Four Little Dragons" of Asia: 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.

In May, international currency speculators began to sell the Thai baht on a large scale, and the exchange rate against the US dollar fell sharply.

Faced with the aggressive attack by speculators, 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; and they significantly raised interest rates.

, after a close fight, the status of the Thai baht was temporarily saved.

In response, international currency speculators launched a powerful counterattack. They had only one trick: to raise funds and sell the Thai baht hard.

Soros began to advance step by step.

At the same time, the Thai baht depreciated one wave after another, and the exchange rate of the Thai baht against the US dollar hit new lows.

The Thai government changed its generals at the last moment, and the former Finance Minister Anlei Weerawang was forced to hand over his seal. The Thai government's move was like dropping a bomb on the rough lake. The Philippines became a victim, and the peso exchange rate began to fluctuate sharply.

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The sad passing of Anlei Weerawang failed to prevent Thai Baht from losing ground.

In June, speculators began selling U.S. Treasury bonds to raise funds and once again launched a fatal blow to the Thai baht.

The Bank of Thailand fought back.

At that time, people's hearts were in panic and everyone was in danger, and various shortcomings hidden in the peaceful and prosperous era were exposed one by one.

In order to stabilize the morale of the military, Thai Prime Minister Chaori gave a televised speech on June 30: "I reiterate once again that the Thai baht will not depreciate, and we will make those speculators lose their money." Swearing to swear, but its financial market is like a support system.

Poor Adou.

At this time, the Bank of Thailand has run out of ammunition and food, and its only 30 billion US dollars in foreign exchange reserves have long been spent.

Just two days after the Thai Prime Minister's speech, the Bank of Thailand was forced to announce the implementation of a floating exchange rate system and abandon the 13-year-old exchange rate system where the baht was pegged to the US dollar.

On the same day, the Thai baht plummeted 20%. On July 29, the Governor of the Bank of Thailand, Lomcha Maraka, announced his resignation. On August 5, the Bank of Thailand decided to close 42 financial institutions. At this point, the Thai baht finally lost ground.

At the same time, the weakness of the Philippine peso can make it become another sniper target for speculators. The Philippine central bank has tried to raise interest rates four times within a week and announced a widening of the fluctuation range of the peso against the US dollar in an effort to counter Soros.

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But the situation is over and there is no way to turn it around.

On July 11, the Philippine central bank announced that it would allow the Philippine peso to fluctuate within a wider range. For a time, the peso devalued horribly. In fact, this marked the complete defeat of the peso defense war.

Like a drug addict, Soros was obviously not satisfied at this time. They went around looking for the next target to hunt, and Malaysia and Indonesia came into his sight.

The Bank of Malaysia attempted to raise the cost of short-selling the Malaysian ringgit to prevent speculators from making waves, and Indonesia also entered the market to support the rupiah.

But in the end, they could not stop the powerful attack of speculators, and the exchange rates of Malaysian ringgit and Indonesian currency against the US dollar continued to fall.

The loss of positions in neighboring countries has begun to affect the Singapore currency, which has always been known as the "refuge currency".

Even though Singapore has taken measures such as raising interest rates, the exchange rate of the Singapore dollar against the US dollar continues to fall.

Under Soros's tough stance, governments around the world have felt powerless and have given up their defense actions and begun to surrender, as if they would not fight back.

Allowing the domestic currency to rise and fall in the market, on the other hand, international currency speculators are even more emboldened, and they are doing whatever they want in the Southeast Asian financial market and are running rampant.

The currency sniper war in Southeast Asia has made everyone feel in danger. Financial authorities of various countries have tried their best to avoid falling into this quagmire. Even the United States, which has been on the sidelines during this trend, has begun to express its stance. Chairman of the Federal Reserve Board Greens

Pan said he was particularly "disturbed" by the fact that the crisis was largely driven by one country to another and that the United States was willing to help "countries affected by this volatility."

The aggressive arrogance of international speculators has deepened the international community's understanding of collective responses to currency crises.