BEIJING – On July 2, 1997, the Thai baht collapsed. After waves of speculative attacks, the government had run out of foreign currency and become unable to support its exchange-rate peg to the U.S. dollar. So, it floated the baht, which went into freefall.
A wave of financial and nonfinancial Thai corporates that had borrowed heavily in dollars filed for bankruptcy. The Asian financial crisis had begun.
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