Asia more resilient 20 years after financial crisis, says Fitch
KUALA LUMPUR (July 10): Asian economies are better equipped to weather external shocks and financial pressures owing to buffers built and reforms undertaken in the wake of the Asian Financial Crisis, which began twenty years ago last week, according to Fitch Ratings.
In a statement on its website last Friday, the international rating agency said the shift from fixed to more flexible exchange rates is one of the key differences from 1997.
It said the four hardest-hit countries - Korea, Indonesia, Malaysia and Thailand - had fixed or heavily managed currencies at the time.
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