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The Logbook: The broken peg that caused the Asian financial crisis

In a move that hints at uncertainties some developing countries are facing amid the ongoing trade war between the U.S. and China, Thailand’s central bank voted to cut interest rates by 25 basis points from 1.75% to 1.50% earlier this week. It was Bank of Thailand monetary policy committee’s first rate reduction since 2015.

Thailand has a rather fascinating history with global financial markets: A single historical event led to the financial crisis in Asia in the late 1990s. For this week’s column, we are going to take a brief historical look at Thailand leading up to the 1997 Asian financial crisis.

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