Most economists and financial market analysts believe that the possibility of reproduction of the Asian financial crisis 25 years ago is very low because the foundation of the Asian economy is more stable than before.Countries have established financial mechanisms with stronger seismic resistance, including impacting the country's economy less than strong dollars, such as reducing bonds in the US dollar.

(Seoul / Tokyo News) Under the impact of the US Federal Reserve's continued interest rate hike and the US dollar innovation high, Asian currencies have generally fallen to a historical low.The New York Times pointed out that this extensive weakening of currency appeared last time in the 1997 Asian financial crisis. In order to avoid falling into the storm again, countries are doing their best to stabilize the exchange rate.Low nature.

Ti Kun is facing a dilemma in Penang, Malaysia, and the Lingji exchange rate has fallen to a new low of 24 years.At least 25%of the compression; however, Titun did not dare to raising the price of restaurants because he was afraid of losing customers.He said: "Maybe we still have to increase the price in the end to protect themselves, but now I don't have the courage to do so."

The US dollar is the major global trading currency. The Fed's radical rate hike promoted the significant increase in the US dollar, which caused the prices of energy, grain and commodities that had risen in the rising disease and the Russian and Ukraine War.

Governments of Asian countries have supported their currencies.On the day of Vietnam's interest rate hike, Japan entered the market for the first time in 24 years to support the yen. In China, the RMB exchange rate has lowered to the lowest in nearly 14 years. The central bank launched a series of measures to suppress the decline of the RMB, including warning speculators not to bet on the devaluation of the RMB.

The current pressure on Asian currency is reminiscent of the financial crisis in 1997.At that time, the speculators sold the Thai baht. The Central Bank of Thailand took out foreign exchange reserves to defend the baht. However, the reserves were finally exhausted. The exchange rate of the Thai baht flew down. It caused a chain response in Asia, the depreciation of the currency in various countries, the stock market plummeted, the company's bankruptcy, and the Asian economy had a serious decline.

Xu Heyi, chief economist at the Macroeconomic Research Office of China and Japan and South Korea Macroeconomic Research, pointed out that the financial crisis brought huge damage that year, and countries in the region will never forget. Because of thisFinancial reform.

Many countries implement a floating exchange rate system.

Most economists and financial market analysts believe that the possibility of reappearing the financial crisis 25 years ago was very low, because the foundation of the Asian economy was more stable than before.All countries also learn lessons and establish a stronger and stronger financial mechanism, including making the country's economy less affected by strong dollars, such as reducing the US dollar bonds.The total size of the domestic currency and bond markets in 10 countries in Southeast Asia, Japan, and South Korea is currently about 123%of the total domestic GDP (GDP) of these countries, which is higher than 74%in 2000.

Asian countries, which were originally linked to the US dollar and implemented a fixed exchange rate system, have been changed to implement a management floating exchange rate system, allowing their currency to fluctuate with the market forces.Although this will make the exchange rate volatility stronger, it helps to relieve cumulative pressure and avoid the crisis from being touched.

In addition, most of the foreign exchange income of most Asian countries is greater than foreign exchange expenditure. Therefore, a lot of foreign exchange reserves have been hoarded. When they need to appropriation to maintain imports and prevent currency from depreciating currency, they can come in handy.Baijing Komi, a professor of economics at Qingying University in Japan, pointed out that because of the above -mentioned changes, Asia "is currently much better than other areas in the world."

However, the strong dollar still tests Asia's resistance. Asian Central Bank has been forced to use reserve reserve to sell the US dollar and purchase domestic currency to stabilize the exchange rate.According to Nomura Holdings estimates, India and Thailand have invested 75 billion US dollars (about S $ 106.8 billion) and $ 27 billion to intervene in the market this year, which is equivalent to at least 10%of their foreign exchange reserves.

In the face of the depreciation of the country's currency and the compression of profit, Asian merchants have to make adjustments.

A furniture retailer in Seoul imports 15 million to 20 million US dollars of furniture products from abroad. However, as the Han won the exchange rate against the US dollar, the company has reduced imports by 10%from May this year.A staff member said that if the US dollar continues to be strong and inflation is high, he is worried that the company may lay off layoffs.