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1997年7月2日,泰国中央银行为了避免泰铢继续遭受投机性卖压的攻击,将原有的美元汇率政策改为浮动汇率制度。这一措施不仅没有缓解泰铢沉重的卖压,反使泰铢当日大幅贬值16％,揭开了这次东亚金融风暴的序幕,致使东亚各国相继加入汇价竞相贬值的行列中。 12日菲律宾和印尼也相继宣布货币贬值,并放宽汇兑美元干预的区间,紧接着连带影响到新加坡及马来西亚两国货币走势,引发东南亚地区所有国家陷入货币金融危机,并继续蔓延至东北亚的日本、韩国及台湾和香港地区,甚至引发全球性金融体系的感冒。
On July 2, 1997, in order to prevent the Thai baht from continuing to suffer speculative selling pressure, the Central Bank of Thailand changed the original U.S. dollar exchange rate policy to a floating exchange rate system. This measure not only failed to ease the heavy selling pressure of the Thai baht, but sharply devalued the Thai baht by 16% on the same day. It opened the prelude to the East Asian financial crisis and caused all the countries in East Asia to successively join the exchange-rate devaluation ranks. On the 12th, the Philippines and Indonesia announced the devaluation of currencies one after another, and relaxed the range of exchange intervention by the U.S. dollar. This was followed by a series of currency movements affecting Singapore and Malaysia, triggering a monetary and financial crisis in all Southeast Asian countries and continuing to spread to Japan in Northeast Asia South Korea, Taiwan and Hong Kong, and even triggered a common cold in the global financial system.