This event signaled the beginning of the Asian financial crisis in July of 1997:

Question

Quizplus · Accepted Answer

The Thai government's decision to float the baht and allow its value to be determined by the market signaled the beginning of the Asian financial crisis. This move caused the value of the baht to drop rapidly and sparked a domino effect throughout the region as investors began to lose confidence in other Southeast Asian currencies. This led to devaluations in other countries and ultimately a full-blown financial crisis.

This Event Signaled the Beginning of the Asian Financial Crisis