Question:
Crisis in the Pacific. The Asian financial crisis that began in July 1997 wreaked havoc throughout the currency markets of East Asia.
a. Which of the following currencies had the largest depreciations or devaluations during the July to November period?
b. Which seemingly survived the first five months of the crisis with the least impact on their currencies?
|
Country
|
Currency
|
July 1997
(per US$)
|
November 1997
(per US$)
|
|
China
|
yuan
|
8.40
|
8.40
|
|
Hong Kong
|
dollar
|
7.75
|
7.73
|
|
Indonesia
|
rupiah
|
2.400
|
3 600
|
|
Korea
|
vow
|
900
|
1.100
|
|
Malaysia
|
ringgit
|
2.50
|
3.50
|
|
Philippines
|
peso
|
27
|
34
|
|
Singapore
|
dollar
|
1.43
|
1.60
|
|
Taiwan
|
dollar
|
27.80
|
32.70
|
|
Thailand
|
bah:.
|
25.0
|
40.0
|