1At the beginning of 997, Soros sold a lot of Thai baht at first, which caused the Bank of Thailand to fight back. The Bank of Thailand bought a lot of Thai baht in the foreign exchange market and raised short-term interest rates. Soros's first exploratory attack on the Thai baht ended in failure.

Three months later, Soros made a comeback and sold the Thai baht in batches in a planned way. The Bank of Thailand also bought Thai baht with a large amount of foreign exchange, and prohibited banks from lending Thai baht to international hot money. However, the trend of devaluation of Thai baht has caused panic in the market. Even the Thai people think that the Thai baht is about to collapse and follow suit to change the Thai baht into dollars, which makes the foreign exchange reserves originally used to fight international hot money have to be exchanged for panicked people. By the end of June 1997, Thailand's foreign exchange reserves were almost used up. At this time, the exchange rate of Thai baht against the US dollar has fallen below 28: 1.

1On July 2, 1997, the Thai government, which had run out of ammunition and food, announced that it would abandon the fixed exchange rate system. On that day, the exchange rate of Thai baht directly depreciated by 30% against the US dollar, and since then, the Thai baht has also depreciated against the US dollar. In the end, the international hot money represented by Soros earned $4 billion in the battle to attack the Thai baht.

This is one of Soros's major personal achievements.