What was the name of the 1997 Asian financial crisis’s first major currency devaluation, involving Thailand’s baht?

The first major currency devaluation in the 1997 Asian financial crisis was the Thai baht devaluation.

On July 2, 1997, Thailand abandoned its fixed exchange-rate policy and allowed the baht to float. The currency quickly lost value, marking the event commonly treated as the starting point of the Asian financial crisis.

Thailand had accumulated substantial foreign-currency debt while property and stock markets had boomed. When investors became concerned about reserves, bank weaknesses, and the sustainability of the baht’s peg, capital flowed out and pressure on the currency intensified.

The turmoil spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell, companies struggled to repay dollar-denominated loans, and several countries adopted stabilization programs supported by the International Monetary Fund. The crisis was regional, not simply a Thai stock-market event.