I'll sort it out myself and hope to adopt it! One: Introduction 1997 The key words of the Asian financial crisis were exchange rate, foreign exchange reserves and international hot money. The economic dependence of Asian countries on foreign countries and the defects of monetary policy give people an opportunity. At that time, China insisted that the RMB would not depreciate, and there was great pressure to enhance monetary confidence. The global economic crisis in 2008 was an escalation of the subprime mortgage crisis in 2007. The key words in 2007, I think, are the Fed's interest rate hike, asset securitization and credit overdraft. Low interest rate-> More mortgages-> Raise interest rates-> Not yet-> Bankruptcy of subprime mortgage companies->; Subprime debt holding company crisis (major investment banks and companies too big to fail are in a hurry)->; American economy-