Which 1997 event began with Thailand abandoning its fixed exchange rate and helped trigger an Asian stock-market crash?

The Asian financial crisis began with Thailand abandoning its fixed exchange rate and helped trigger an Asian stock-market crash.

On July 2, 1997, Thailand allowed the baht to float after intense pressure on its foreign-exchange reserves. The currency fell sharply, and investors began reassessing other economies that had large foreign-currency debts, property bubbles, or fragile financial institutions. Contagion spread through Southeast Asia and later affected South Korea and other markets.

The crisis involved currencies, banks, companies, and stock exchanges rather than a single stock-market trading day. The International Monetary Fund organized assistance programs for Thailand, Indonesia, and South Korea, with conditions involving financial and economic reforms. The episode is often called the Asian financial crisis or Asian financial crisis of 1997. It is distinct from the 1998 Russian crisis, although global investors linked the two during the period of heightened risk aversion.