Before the financial crisis, Thailand's economy developed rapidly, but there were bubbles in many markets such as real estate. Thailand implements a fixed exchange rate linked to the US dollar, that is, it appreciates with the US dollar, but the Thai economy relies heavily on the import and export industry. At this time, due to the rapid development of American economy and the observation of international speculators such as george soros on Thailand, Thailand implemented a fixed exchange rate. Due to the contradiction between the rapid development of its import and export industry and the shortage of US dollar reserves, international speculators seized the opportunity and bought US dollars and Thai baht at the same time to speculate on these two currencies. This is because Thailand has to use its foreign exchange reserves to raise the Thai baht and maintain its peg to the US dollar. This is because Soros and others sell a lot of Thai baht, buy low and sell high to earn the difference. Due to the shortage of foreign exchange reserves, Thailand was finally crushed to death and had to abandon the fixed exchange rate and implement a floating exchange rate to keep its import and export industry.

It's probably such a process, and george soros, a financial tycoon, has really great vision and courage.