First of all, before the financial turmoil, Southeast Asian countries, including South Korea, experienced a long period of stable development. These countries all have a common feature: export-oriented economy, and import and export trade accounted for a large proportion of GDP. Because their own economic systems are weak and their plates are small, the exchange rate systems of these countries are unstable and weak. If I remember correctly, it should be that the Thai baht fell sharply at first, because the financial tycoon Solas somehow got a lot of money from international hot money (comparable to the foreign exchange reserves of these countries), and then sold a lot of Thai baht to buy dollars, thus starting a chain reaction. Thailand tried to control the situation, but the central bank's foreign exchange reserves were insufficient, so people were easily encouraged, and the Thai baht eventually collapsed due to the psychological avalanche effect. As a result, the country's exports have been greatly reduced, and there is no foreign exchange to buy raw materials and energy, because Southeast Asian countries are closely related to each other, and similar operations eventually lead to currency depreciation. Later, during the severe period, the exports of China, South Korea and Hongkong were greatly affected. You can check the export volume of our country in that year, which is very miserable. Hong Kong is doomed to failure because it is also an independent financial system that relies heavily on imports and exports. Finally, the central government borrowed tens of billions (dollars) to survive. At that time, Premier Zhu Rongji promised the international community that no matter how much money was spent, the RMB would not depreciate because it was a chain. The depreciation of RMB can improve the export pressure, but it will hurt more countries. Ps: It is for this reason that the RMB has held up. Since then, the RMB has become famous in Southeast Asian countries. Many local tourists accept RMB directly instead of US dollars. Of course, this financial storm has caused great damage, inflation, negative economic growth and so on.

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