What was the Asian Financial Crisis?

The Asian financial crisis refers to a worldwide financial crisis that occurred in 1997. On July 2, 1997, the Asian financial turmoil swept Thailand. Soon, the storm affected Malaysia, Singapore, Japan and South Korea, China and other places. The currencies of Thailand, Indonesia, South Korea and other countries have depreciated sharply, and have caused a substantial decline in most major Asian stock markets. They have also impacted foreign trade companies in Asia, causing the collapse of many large Asian companies, unemployed workers, and socioeconomic depression. It broke the scene of rapid economic development in Asia. The economies of some of Asia's major economic powers have begun to slump, and the political situation of some countries has also started to be chaotic. Thailand, Indonesia and South Korea are the countries most affected by this financial turmoil. Singapore, Malaysia, the Philippines and Hong Kong, China were also affected. Mainland China and Taiwan, China were hardly affected.