The person who triggered the Thai financial crisis in 1997 was George Soros.

George Soros was born in Budapest, Hungary on August 12, 1930. His real name was Gy?rgy Schwartz. He was a philanthropist, currency speculator, and stock investor.

He is currently Chairman of Soros Fund Management and the Open Society Institute, and is a former member of the Board of Directors of the Council on Foreign Affairs.

Known in the United States for raising large amounts of money in an attempt to prevent George Bush's re-election as president.

The speculative funds he led throughout his life made waves in the financial market, turned the world upside down, and wiped away the wealth of many countries.

Soros launched a surprise attack on the Hong Kong financial market in 1997, causing the Hong Kong dollar exchange rate to plummet and the financial market to be in chaos.

The Hong Kong Monetary Authority immediately entered the market, and the central government also fully supported it.

After a series of counterattacks, Soros's "campaign" in Hong Kong came to nothing and suffered heavy losses.

Extended information: Soros sniped at Hong Kong. In mid-July 1997, the Hong Kong dollar was subject to a large amount of speculative selling. The Hong Kong dollar exchange rate was impacted and fell all the way to near the psychological threshold of 7.7500 Hong Kong dollars per U.S. dollar. Hong Kong's financial market was in chaos.

There were crowds of people running in front of major banks, and the Hong Kong dollar began to run low for the first time in many years.

The Hong Kong financial authorities immediately entered the market, forcibly intervened in the market, and bought a large amount of Hong Kong dollars to maintain the exchange rate of the Hong Kong dollar against the US dollar above the psychological mark of 7.7500 Hong Kong dollars.

In the first week, it did have the desired effect.

But soon, the Hong Kong dollar exchange rate fell below the HK$7.7500 mark.

The Hong Kong Monetary Authority once again used its foreign exchange reserves to fully intervene in the market and raise the Hong Kong dollar exchange rate to above HK$7.7500, demonstrating its strong financial strength (as of the end of December 1997, Hong Kong's foreign exchange reserves were US$92.8 billion, the largest in the world).

The third largest, after Japan and mainland China[6]?).

Soros's first tentative attack failed in the strong defense of the Hong Kong Monetary Authority.

At this time, Soros had just finished a beautiful "mopping up war", sweeping away the entire Southeast Asian financial market. This move even affected the entire world's financial market, but Soros was by no means the kind of person who was willing to give up easily.

Started a large number of forward buying of Hong Kong dollars, preparing to repeat the glory of England and Southeast Asia campaigns.

But this time Soros's decision was not a wise one, because he may have forgotten to consider the mainland China behind Hong Kong. The foreign exchange reserves of Hong Kong and mainland China amounted to more than 200 billion US dollars. Together with Taiwan and Macau, the foreign exchange reserves were no less than 374 billion US dollars.

The U.S. dollar is so powerful that it cannot be matched by countries such as England and Thailand.

This attack on the Hong Kong dollar has little chance of winning.

For Hong Kong, maintaining the fixed exchange rate system is a guarantee to maintain people's confidence. Once the fixed exchange rate system fails under the impact of international hot money led by Soros and others, people will lose confidence in Hong Kong, thereby destroying Hong Kong's prosperity. Therefore,

Defending Hong Kong’s currency stability is destined to be a life-and-death battle.

The Hong Kong government will counter any challenge to the Hong Kong dollar at all costs.

On July 21, 1997, Soros began to launch a new round of offensive.

On that day, the 3-month forward premium of the US dollar against the Hong Kong dollar was 250 points, and the 3-month interbank interest rate of the Hong Kong dollar rose from 5.575% to 7.06%.

The Hong Kong Monetary Authority immediately orchestrated a counterattack the next day.

The Hong Kong government raised Hong Kong dollar interest rates by issuing large amounts of government bonds, which in turn pushed the Hong Kong dollar's exchange rate against the U.S. dollar to rise sharply.

At the same time, the Hong Kong Monetary Authority issued verbal warnings to two banks suspected of speculating in the Hong Kong dollar, which made some Hong Kong dollar speculators tremble and finally chose to withdraw from the Hong Kong dollar speculation team. This will undoubtedly weaken Soros's speculative power.

When the Hong Kong dollar began to sell off speculatively again, the Hong Kong Monetary Authority sharply increased short-term interest rates, causing overnight lending rates between banks to skyrocket.

Then Hong Kong's Hang Seng Index fell from a peak of 16,673 points to 6,660 points, a drop of 60%. Soros shorted the Hang Seng Index in large quantities beforehand. Please make a rational judgment on the pros and cons.