How did Soros short the Thai baht?

I think Soros shorted the Thai baht based on a prerequisite, that is, Thailand's foreign exchange reserves were already in short supply at that time, and at the same time, foreign funds could freely enter and exit freely. This was the basis for shorting the Thai baht.

For a simple example, after Soros discovered that Thailand was short of foreign exchange, he borrowed Thai baht from Thailand using U.S. Treasury bonds as collateral. For easy calculation, let’s assume that 1 billion baht was borrowed, and then assume the exchange rate between the United States and the Thai baht at that time. It's 1:10.

After borrowing the Thai baht, Soros exchanged the 1 billion baht for 100 million US dollars. At the same time, he released the news. There was an extra 1 billion baht in the market. With the news released, everyone rushed to buy it. When the Thai baht in hand is converted into U.S. dollars, the number of Thai baht on the market increases sharply, resulting in inflation... Inflation causes more people to convert Thai baht into U.S. dollars. As more and more Thai baht are available on the market, inflation becomes more and more serious. There was less and less foreign exchange in the national treasury, until finally the foreign exchange reserves completely collapsed, and the Thai government had to announce that it would abandon the policy of fixed exchange rate, and the Thai baht plummeted.

Assuming it fell to 1:20, Soros would exchange 50 million of the borrowed US$100 million for 1 billion baht and return it to the Thai bank, making US$50 million in vain.

Of course, the actual situation is far more complicated than this. Soros also used various tools such as the foreign exchange market, stock market, and futures market. As the saying goes, flies don't bite perfect eggs. If the Thai government hadn't made major mistakes in policy formulation and implementation, Soros would not have been able to ruthlessly plunder such a large amount of wealth created by the Thai people's hard work.