China's Response to the Global Financial Crisis: Implications for U.S. Economic Interests V. 1

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1 1 (March 3, 1999)

handle is hein.crs/crsmthmarzu0001 and id is 1 raw text is:
98-220 E
Updated March 3, 1999

China's Response to the Global Financial Crisis:
Implications for U.S. Economic Interests

(name redacted)
Specialist in International Trade and Finance
Economics Division

Summary

The Global Financial Crisis and China's Response to Date

Since 1997, several East Asian economies, notably South Korea, Thailand, and
Indonesia, have experienced significant financial difficulties in their economies, as have
Russia and Brazil since 1998. Such difficulties have included substantial currency
devaluations (as investors have transferred funds overseas), and significant declines in
stock market prices.' Most of the other East Asian economies, including Japan, Hong
Kong, Singapore, the Philippines, and Malaysia have also experienced varying degrees of
financial difficulties (falling stock market prices and/or currency depreciation). The global

'For background informiation on the crisis, see CRS Report RL30012, Global Financial Turmoil:
Contagion, Effects, and Policy Responses, by (name redacted). Updated January 13, 1999.

Congressional Research Service + The Library of Congress

CRS Report for Congress

Received through the CRS Web