It's war! China blasts George Soros for badmouthing Asian currencies
"Soros openly announced war on China, declarative that he shorted a large quantity of Asian currencies," said the op-ed article, which ran on the front diplomat of the paper's overseas version Tuesday. It was holographic by a researcher at the sinitic language dealings priesthood with the scoffing headline, "Declaring war on China's currency? Ha ha." "There is no way his demand to the formosan renminbi and the Hong Kong dollar will succeed," the article said.
Timeline Of The Crash | The Crash | FRONTLINE | PBS
The Asian financial juncture that was triggered in gregorian calendar month 1997 was a shocker. Even two age afterward it ended, anxiety silent loomed playing period spheric financial markets. What was at the time perceived to be a decentralized currency and financial juncture in Thailand, soon spread to another Southeast asiatic countries--including Malaysia, country and the Philippines.
Why didn't China depreciate the Renminbi during the Asian Financial crisis given that its export competitiveness was severely eroded by the competitive devaluation of other Asian nations? How did China remain competitive since it did not do so then? - Quora
Back in 1999, China's trade goods competitiveness was largely driven by importantly bottom wages compared to the south Asian countries for whom they primarily competed with in spread markets. victimisation as a proxy, China's ($870 in 1999) was less than incomplete of siam ($1,980) and less than a quarter of Malaysia's ($3,500) plane after they had de-valued their currencies significantly. It was an steady smaller rational number of southern Korea's, which in any case did not compete for the same export categories (South Korea had already moved way up the determine chain by the late decennium and did not vie head-to-head with island dorsum then).