When did the financial turmoil come, and what year was it?

Come on. If it can be encountered, it is much less destructive.

There were three phases of the outbreak of the Asian financial crisis:

Phase I: Thailand, 2 July 1997.

On July 2, 1997, Thailand announced that it would abandon the fixed exchange rate system and implement a floating exchange rate system, triggering a financial turmoil throughout Southeast Asia. On the same day, the exchange rate of the Thai baht against the US dollar fell by 17%, and foreign exchange and other financial markets were in chaos. Under the influence of the fluctuation of the Thai baht, the Philippine peso, the Indonesian rupiah, and the Malaysian ringgit have become the targets of international speculators.

Phase II: Early 1998, Indonesia.

At the beginning of 1998, Indonesia's financial turmoil resumed, and in the face of the worst economic recession in history, the IMO's prescription for Indonesia failed to achieve the desired effect. On February 11, Indonesia** announced that it would implement a linked exchange rate system with a fixed exchange rate between the rupiah and the US dollar to stabilize the rupiah. This move was unanimously opposed by the International Monetary Organization, the United States, and Western Europe.

The International Monetary Organization has threatened to withdraw aid to Indonesia. Indonesia is in the midst of a major political and economic crisis. [Full Text].

Phase III: Early August 1998, Hong Kong, China.

At the beginning of August 1998, taking advantage of the turmoil in the United States and the continuation of the yen exchange rate, international speculators launched a new round of attacks on Hong Kong. The Hang Seng Index has fallen to more than 6,600 points. The Hong Kong Special Administrative Region (HKSAR**) retaliated by using foreign exchange to enter the **and** markets to absorb the Hong Kong dollars sold by international speculators, stabilizing the foreign exchange market at the level of the Hong Kong dollar to the US dollar.

After nearly a month of hard fighting, international speculators suffered heavy losses and were unable to realize their attempt to use Hong Kong as a "super cash machine" again

If you still want to know a lot, look at it from this **.

Resources.

The Asian financial crisis erupted in 1997.

The 1997 Asian financial crisis refers to a worldwide financial crisis that occurred in 1997. On July 2, 1997, the Asian financial crisis swept through Thailand.

Soon, the storm spread to Malaysia, Singapore, Japan, South Korea, China and other places. The currencies of Thailand, Indonesia, South Korea and other countries have depreciated sharply, and at the same time, most of the major Asian countries have been greatly affected, impacting foreign trade enterprises in Asian countries, causing the collapse of many large enterprises in Asia, unemployment of workers, and social and economic depression. It shattered the scene of rapid economic development in Asia.

The economies of some major Asian economies have begun to slump, and the political situation in some countries has also begun to be chaotic. Thailand, Indonesia and South Korea were among the countries hardest hit by the financial turmoil. Singapore, Malaysia, the Philippines and Hong Kong were also affected, while Chinese mainland and Taiwan were almost unaffected.

World Impact

The impact of the current financial crisis is extremely far-reaching, and it has exposed some deep-seated problems behind the rapid economic development of some Asian countries. In this sense, this is not only a bad thing, but also a good thing, and it provides an opportunity for Asian developing countries to deepen reform, adjust their industrial structure, and improve macroeconomic management.

Due to the arduous task of reform and adjustment, it will take some time for the economies of these countries to fully recover. However, the basic factors for the economic growth of the developing countries in Asia still exist, and there is great hope for the improvement and further development of the economic situation in Asia after overcoming internal and external difficulties.

The financial crisis mainly refers to the global financial crisis triggered by the subprime mortgage crisis in the United States in 2008.

In August 2008, the stock prices of Fannie Mae and Freddie Mac, the two major mortgage giants in the United States, were in large losses. A series of sudden "changes" such as Lehman Brothers' filing for bankruptcy protection, Merrill Lynch's "commitment" to Bank of America, and AIG's emergency caused countries around the world to be shocked by the crisis. Wall Street's "misuse" of financial derivatives and underestimation of the subprime mortgage crisis have led to bitter consequences.

Extended Material: The Global Impact of the Financial Crisis

The U.S. subprime mortgage crisis was a storm caused by the bankruptcy of subprime mortgage lenders and the forced closure of investments, which led to a crisis of illiquidity in major global financial markets. The subprime mortgage crisis in the United States began to emerge in the spring of 2006 and swept through the world's major financial markets such as the United States, the European Union and Japan in August 2007.

The U.S. subprime mortgage market typically uses a combination of fixed and variable rate repayments, where homebuyers repay their loans at a fixed rate for the first few years after home purchase, and then at a variable rate thereafter. As the U.S. housing market cools, especially short-term interest rates rise, subprime mortgage repayment rates have also risen sharply, and the repayment burden on homebuyers has increased significantly. This situation directly led to the failure of borrowers of large batches of mortgage loans to repay their loans on time, which in turn led to the "subprime mortgage crisis".

As the world's only superpower, the outbreak of the subprime mortgage crisis in the United States instantly affected the world's financial centers and some neighboring countries, and its scope was far from being limited to the subprime mortgage crisis, but spread to the entire financial industry. Although the current account deficit in the United States has been declining, it still accounts for about 6% of GDP, and because the United States consumes far more products than it produces, Americans are still one of the largest demands** in the rest of the world, and the sharp decline in demand has greatly affected the economies of other regions, causing panic in countries around the world. (Information ** in Encyclopedia).

The U.S. financial crisis.