| | Asian financial crisis - One Language (Site not responding. Last check: 2007-10-18) |
 | | However, Thailand, Indonesia and South Korea had large current account deficits and the maintenance of pegged exchange rate encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. |
 | | On July 3, the Philippines central bank was forced to intervene heavily to defend the peso, raising the overnight rate from 15 percent to 24 percent. |
 | | In October 1997, the Hong Kong dollar, which was pegged at 7.8 to the US dollar, came under speculative pressure since Hong Kong's inflation rate was significantly higher than that of the US for years. |
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