Caixin
Jul 16, 2022 10:00 AM
WEEKEND LONG READ

Weekend Long Read: The Asian Financial Crisis 25 Years On

Twenty-five years ago on July 2, 1997, the Thai authorities decided to float their currency, the baht, after having practically run out of international reserves in its defense since late 1996. That move triggered the Asian financial crisis (AFC), a veritable storm over East Asian economies — from Indonesia to Malaysia, South Korea, the Philippines and Hong Kong.

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