First, before the Thai crisis broke out, Thailand gradually bought Thai baht in dollars. 1In July, 1997, influenced by its own economy, Thailand announced that it would abandon the fixed exchange rate system and adopt a floating exchange rate system. At this time, the hedge funds headed by Soros sold a large number of spot Thai baht in their hands and shorted in the foreign exchange market. Since the foreign exchange market is a margin market, if the loss in the spot market is 1, then the profit in the foreign exchange market is 10 times (the margin is 10%, which is actually lower than this). After the impact on Thailand, Malaysia, Indonesia and the Philippines also had an impact. Hong Kong was subsequently hit, causing huge losses to Hong Kong. Although Soros failed to attack the exchange rate of the Hong Kong dollar, Morgan Stanley, an investment bank, took advantage of the fierce battle between the Hong Kong government and Soros in the foreign exchange market to sell stocks in the stock market and short the Hang Seng Index futures. The Hang Seng Index plummeted by more than 65,438+00,000 points due to the heavy selling of stocks, and the investment bank earned about 360 million US dollars. Hedge funds also hit Japan and South Korea, triggering the Asian financial crisis. After that, there was another attack on Indian zhina, which formed the second and third stages. I want to say one more thing. At this stage, the Hong Kong government has learned the lessons of the previous stage. Under the management of the HKMA (it was around1July 1998, the first anniversary of Hong Kong's return to China, and I personally doubt that it had the background of the China government, otherwise there would be so many foreign exchange reserves), the Hong Kong government made efforts in the foreign exchange, stock and futures markets at the same time and took over all the positions of hedge funds. Later, hedge funds moved to the Russian market to attack the ruble, completing the whole process of this financial crisis. Personally, if you want to know the specific techniques, you should buy a book to read.