Which 1997 Asian stock-market crash was triggered after Thailand abandoned its fixed exchange rate in July?

The 1997 Asian stock-market crash was part of the 1997 Asian financial crisis, triggered after Thailand abandoned its fixed exchange rate in July.

On July 2, 1997, Thailand allowed the baht to float after intense pressure on its foreign-exchange reserves. The baht then lost substantial value, and investors reassessed other Asian economies with fixed or managed exchange rates, large foreign-currency debts and fragile financial systems.

Stock markets and currencies fell across the region. Indonesia, South Korea and Malaysia were among the economies hit particularly hard, while Hong Kong experienced a major market sell-off and defended its currency peg. International assistance programs, including an IMF-supported package for Thailand, followed.

The crisis is sometimes reduced to a currency event, but it also involved banks, companies, property markets and stock exchanges. It is distinct from the 1998 Russian crisis, which came later and involved Russia’s domestic debt default and ruble devaluation.