Asian financial crisis

The Asian financial crisis was a financial crisis that started in July 1997 in Thailand, and affected currencies, stock markets, and other asset prices of several Asian countries, many part of the East Asian Tigers. It is also commonly referred to as the Asian currency crisis or locally, although inaccurately, as the IMF crisis.

Mainland China

The People's Republic of China was largely not affected by the crisis because of the non-convertibility of the renminbi (RMB) and the fact that almost all of its foreign investment took the form of factories on the ground rather than securities. While the PRC had and continues to have severe solvency problems in their banking system, most of the deposits in PRC banks are domestic and there was not a run on the banks.

Related Topics:
People's Republic of China - Renminbi

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