How did Korea deal with the foreign currency crisis in 1997??
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October 1997, the contagion spread to Hong Kong in the form of a speculation attack on the currency and a sharp decline in the stock market. ... This forced the Korean government to use its limited foreign currency reserves to help Korean financial institutions honor their short-term obligations.
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In late October 1997, the contagion spread to Hong Kong in the form of a speculation attack on the currency and a sharp decline in the stock market. ... This forced the Korean government to use its limited foreign currency reserves to help Korean financial institutions honor their short-term obligations.
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