Twenty-eight years ago today, May 8, 1997 (April 2, 1997 in the lunar calendar), Soros wanted to "suppress" the Thai baht and set off the Asian financial turmoil. In the mid-1990s, the international trade balance deficit for several consecutive years forced the Thai government to sell out a large amount of foreign exchange. The Thai baht was obviously overvalued. The "financial giants" predicted that the Thai baht would depreciate and regarded it as prey. In early February 1997, international investment institutions (mainly Soros) sold a large amount of Thai baht. In February, they borrowed multi-month forward Thai baht contracts with a maturity of up to US$15 billion from the Bank of Thailand, and then sold on a large scale in the spot market. The Thai baht exchange rate has changed significantly, triggering financial market turmoil. On May 7, currency speculators opened spot and forward foreign exchange trading positions through foreign banks operating offshore operations. Starting from May 8, the Thai baht was borrowed from local banks in Thailand and sold in large quantities in the spot and forward markets to short the Thai baht, causing a sharp drop in the spot exchange rate of the Thai baht. The short selling behavior continued into July. As a result, Thailand's financial markets were in chaos and the financial crisis broke out. Soros spent about $6 billion to attack the baht in May. It can be said that he is the biggest beneficiary of this financial crisis. Five years after the British pound crisis broke out, Soros targeted Southeast Asia. In 1997, most countries in Southeast Asia were immersed in a feast of assets and were unaware of the loopholes in their own economic systems. Soros seized the opportunity again. Because the Thai baht has the characteristics of good liquidity, low risk, and huge asset bubbles in Southeast Asian countries, this currency quickly became Soros's preferred breakthrough target. In March 1997, the Bank of Thailand announced that several domestic financial companies and housing loan companies had problems such as low asset quality and insufficient liquidity. Soros regarded it as a signal to take action and ordered the sell-off of shares in Thai banks and finance companies, causing a run on all Thai finance and securities companies by Thai bank depositors. Just as everyone was overwhelmed and panicked by the sudden collapse, short sellers, represented by Soros, began to sell large amounts of baht. In May, the Thai government used US$30 billion in foreign exchange reserves and US$15 billion in international loans to try to save the crisis, but this figure was nothing compared to the huge amount of hot money. In June 1997, Soros sent troops again and ordered his fund organization to sell U.S. Treasury bonds to raise funds, expand the scale of funds for the "air raid", and launched another fierce attack on the Thai baht in the latter part of the month. However, after defeating the city of the Thai baht, Soros was not satisfied with it. He concluded that if the Thai baht was devalued, other currencies would also collapse with it. Therefore, he ordered the continued expansion of the results, and the entire army swept across Southeast Asia. This hurricane swept across Indonesia, the Philippines, Myanmar, Malaysia and other countries in an instant. However, similar to Thailand, the rescue of central banks in these regions has once again fallen into a situation of "running out of ammunition and food". Since then, the situation began to become somewhat uncontrollable: Thailand announced that it would abandon the fixed exchange rate mechanism and implement a floating exchange rate mechanism. On that day, the exchange rate of the Thai baht against the US dollar plunged more than 17%, and foreign exchange and other financial markets fell into chaos. Under the influence of fluctuations in the Thai baht, the Philippine peso, Indonesian rupiah, and Malaysian ringgit have successively become targets of attack by international speculators. On February 11, 1998, the Indonesian government announced that it would implement a pegged exchange rate system with a fixed exchange rate between the Indonesian rupiah and the US dollar to stabilize the Indonesian rupiah. The move was unanimously opposed by the International Monetary Fund, the United States and Western Europe. The International Monetary Fund has threatened to withdraw aid to Indonesia. Indonesia is in a major political and economic crisis. Affected by this, Southeast Asian foreign exchange markets have become turbulent again, with the Singapore dollar, Malaysian Malaysian, Thai baht, Philippine peso, etc. falling one after another.