Why the Uyghurs?
As a result, can also be remembered as a year of riots and pogroms, the likes of which had not been seen in Indonesia since But it is also possible to read the crisis within a more specifically Asian context, as a regional turning point of historic significance. For with it, the old political and economic order went up in flames—a metaphor to which I shall return—and a new one came into shape. To understand this new order, it is worth remembering that for some, the Asian Crisis had its real origins not in but in , when China abandoned the official exchange rate for its currency.
This depreciation boosted Chinese exports considerably and put enormous pressure on Thailand.
The bully in the South China Sea
Over the next few years Thais struggled to export their manufactured goods and service their debt—unable to engage in competitive devaluation since their currency was effectively pegged to the us dollar. International investors like George Soros saw the opportunities, and the short-selling of the baht began. Email required.
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