Asian economic crisis from 65438 to 0997;
1On July 2, 1997, Talon, Finance Minister of the Thai government, announced that he would abandon the fixed exchange rate system of 13, and overnight, the Thai baht depreciated by 20%.
In July 1 1, the Philippine government abandoned the fixed exchange rate system and the Philippine peso depreciated sharply;
On July 14, faced with foreign exchange of less than $20 billion and foreign debt of 1000 billion, the Indonesian government announced that the Indonesian rupiah had fallen.
On August 8, the Malaysian government gave up its efforts to defend the Malaysian ringgit under the strong offensive of international speculative funds.
After defeating the so-called four little dragons in Asia at that time, international speculative funds turned to the "four little dragons" in Asia.
In mid-July, the Singapore stock market fell into the abyss;
On August 15, Taiwan Province Province suddenly released its foreign exchange reserves of US$ 83 billion, which made the Taiwan dollar fall below the psychological barrier of 30 1 (to avoid losses for the government);
65438+1October 20th, international speculative funds landed in Hong Kong and held in Hong Kong dollars for five days. However, the Hang Seng Index in Hong Kong fell below the 10000 mark. Compared with two months ago, the total market value of Hong Kong stocks (HK$ 4.3 trillion) fell by half, with a loss of HK$ 2 trillion;
165438+17 October, international speculative funds landed in Seoul, South Korea. As the world's 1 1 largest economic entity, South Korea only lasted for 10 days, but the won fell by 20%. Moreover, on February 2, 165438, the foreign exchange reserve of the Bank of Korea was only $6 billion, while the foreign debt was as high as1/kloc-. On February 3, 65438, the IMF aid agreement was signed, which was called' National Shame Day'.
The above is the main course of the Asian economic crisis in 1997, and then the Asian financial storm swept the world, causing the global economic recession. .....
The operating methods of international speculative funds generally include:
1: buying a lot of the country's currency and selling it in the foreign exchange market, forcing the government to take over the market with US dollar reserves to maintain the stability of the country's exchange rate. With the depletion of foreign exchange reserves, the pressure on the government to repay the principal and interest of short-term foreign debts has increased, and the government has abandoned the fixed exchange rate system.
2: Be empty. In short-selling financial transactions, especially futures (stock index futures, foreign exchange margin) transactions, huge transactions are made with a small amount of funds through the amplification of financial leverage.
3. China was not affected because the China government did not open its capital market to foreign investment at that time; China also does not have a large number of short-term foreign debts; And has a huge foreign exchange reserve base.
So there is no opportunity for international speculation, but speculation in Hong Kong is due to the problems of mainland enterprises listed in Hong Kong.
197 The culprit of the Asian economic crisis was Soros Fund, because in the Asian financial crisis of197, the total amount of international speculative funds was as high as $654.38+000 billion. As mentioned earlier, "The Soros family's asset management company is located near the most prosperous Central Park in new york. The core of this company, founded in 1973, is the Quantum Endowment Fund, which is also the largest hedge fund in the world, mainly investing in the stock, bond and money markets. Specifically, it is engaged in market speculation. " ... from this, we can understand Soros's influence and appeal in the international financial community, and Soros Asset Management Company only used 90 million US dollars and made a profit of 2 billion US dollars in just a few months. Winning or losing is self-evident .......
Most of the above information is taken from China Sports Forum.