Which 1997 currency crisis spread from Thailand to several Asian stock markets?

The 1997 currency crisis that spread from Thailand to several Asian stock markets was the Asian financial crisis.

Thailand devalued the baht on 2 July 1997 after authorities struggled to defend its fixed exchange-rate regime. The baht came under intense speculative pressure after years of borrowing and rapid credit growth.

Financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets plunged, currencies depreciated, and companies with large foreign-currency debts faced severe repayment problems.

The International Monetary Fund arranged rescue programs for Thailand, Indonesia, and South Korea. Hong Kong’s currency peg survived, although its stock market suffered a major fall during the regional turmoil.