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d680c458d3 Bank Negara fixed the ringgit at 3.8 to the dollar. dollar, the higher U.S. Suharto resigned under public pressure in May 1998 and Vice President B. That contributed to a further decline in South Korean shares since stock markets were already bearish in November. However, the RMB's non-convertibility protected its value from currency speculators, and the decision was made to maintain the peg of the currency, thereby improving the country's standing within Asia. NewsHour with Jim Lehrer. Soros claims to have been a buyer of the ringgit during its fall, having sold it short in 1997. 98103 ^ Bello, Walden (4 December 1997). The Hong Kong Monetary Authority then promised to protect the currency.
This has led to an ever-increasing funding for U.S. 12 ^ a b Pettis: pp. During that time, there was a haste to build great conglomerates to compete on the world stage. University of Chicago Press. A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto, Japan, on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under the "General Agreement to Borrow" and the "Emergency Finance Mechanism". 15 December 2010. John Wiley & Sons.