During the 1997-1998 Asian financial crisis, East Asia’s economies paid heavily for excessive accumulation of dollar-denominated debts. Because governments failed to defend their currencies, they lost hundreds of billions of dollars in foreign-exchange reserves to international speculators.
1997—1998年亚洲金融危机期间，东亚经济体为过度积累美元债务付出了沉重代价。由于政府无法捍卫本币，它们被国际投机者赚去了数千亿美元的外汇储备。