... by the Thai government that it would "fight to the death" to defend the baht, the Bank of Thailand eliminated the baht's official trading band on July 2 and moved to a managed float from a previously de facto US dollar-pegged Thai currency; the baht's value plummeted. The following victims of the crisis were The Philippines and Malaysia, as Thailand had done before, tried unsuccessfully to maintain the value of their currencies. Then the crisis reached Indonesia and Singapore. In September it seemed that markets were stabilizing but by October, investors' distrust also affected Northeast Asia. The devaluation of Singapore's currency was a problem for Taiwan, which announced a possible devaluation of the New Taiwan Dollar (NT$). In October 20th the NT$ had already lost 5% of its value. There were also notable contagion effects to the other, more established, economies of East Asia particularly South Korea and Japan in ...

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