Cause: The Southeast Asian economy is booming with the Four Little Tigers plus the Four Little Dragons. Under the leadership of Soneros, American hedge funds began to short-sell Southeast Asia, starting with short-selling the Thai baht, Malaysia, Indonesia, Singapore, the Philippines, Taiwan, and South Korea.

, Japan, including Hong Kong at that time, and all countries with good economies in East Asia and Southeast Asia were spared.

Result: When Soros's hedge fund besieged the Hong Kong dollar, it was hard-lined by the then Chinese government. In the end, Soros suffered heavy losses in Hong Kong.

In August 1998, the Hong Kong Monetary Authority used the Exchange Fund to invest huge amounts of money in the stock and futures markets in preparation for a showdown.

The 28th was the settlement day for the August Hang Seng Futures Index in the Hong Kong stock market, and a decisive battle broke out between the SAR government and speculators.

The SAR government withstood the unprecedented selling pressure from international financial speculators, resolutely bought all the stocks, and independently supported the pallet, ultimately saving the stock market, effectively safeguarding the linked exchange rate system between the Hong Kong dollar and the US dollar, and ensuring Hong Kong's economic security and stability.

Extended information: World Impact The impact of this financial crisis is extremely far-reaching. It has exposed some deep-seated problems behind the rapid economic development of some Asian countries.

In this sense, it is not only a bad thing, but also a good thing. It provides an opportunity to promote Asian developing countries to deepen reforms, adjust industrial structures, and improve macro management.

Since the tasks of reform and adjustment are very arduous, it will take some time for the economies of these countries to fully recover.

However, the basic factors for the economic growth of developing countries in Asia still exist. By overcoming internal and external difficulties, there is great hope for the improvement and further development of Asia's economic situation.

In the summer of 1997, a rare financial crisis broke out in Asia.

Under the continuous onslaught of a group of international speculators such as Soros, the American financial speculator known as the "financial bandit," starting from Thailand, the foreign exchange and stock markets of Southeast Asian countries such as the Philippines, Malaysia, and Indonesia have plummeted and have failed to recover.

After succeeding in Southeast Asia, Soros decided to move to Hong Kong.

The festive atmosphere celebrating Hong Kong's return has not yet dissipated, but dark clouds of the Asian financial crisis have already settled over the city.

After seeking instructions from the central government, the SAR government made a decisive decision and intervened in the market.

After several rounds of "hand-to-hand combat", the international speculators ran out of ammunition and food and fled.

Hong Kong achieved final victory and preserved decades of development gains.