Lessons learned from the Asian financial crisis----china

southeast Asia finance

The financial crisis happened on the June ,new york giants

1997 in Asia has a lot of complexes and influences, which can set into three parts :June-July/1997,Jan.---July/1998 and the end of July /1998

The first stage: Thailand is out of expections to announce that she would use floating exchange rate instead of the fixed exchange rate..It is this event that gave rise to Asia financial crisis .on that day, the Tai baht against US dollars exchange rate went down to 17%,and disorder in the foreign exchange rate. with the influence of the Tai baht, the international exchange arbitrage begin to attack the Philippins ,Indonesia and Malaysia . Later , gradually it became financial crisis .new york giants

The second stage: On Jan,1998,Indonesia come up with another financial crisis Facing with the worst economic reccesion ,the solutions given by IMF for Indonesia made no effect. Indonesian government declared the she will implement linked exchange rate system ,which made many countries against for it .

The third stage : Hong Kong exchange rate market is under attack again . Hang Seng index went down to 6000.. Hong Kong government took measures to prevent this .however the financial crisis spread to Russia It demonstrated that the Asia financial crisis is not regional but global.

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90's can be regarded as the financial globalization era .Despite that china survived from the financial crisis ,but she can learned lessons.

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1,Alert to the occurrence of the bubble economy, the timely processing of bad debt problem

2.Adhere to the principle of full liberalization of the financial

3.Accelerate the pace of adjustment of industrial results