Here is the translation of the provided text into English: **The crisis is coming!

An Asian financial storm is about to hit.

As the United States begins its final frenzy, brandishing its sickle to accelerate the reaping of Asia's wealth, Asian currencies are starting to fall one after another.

So, just how crazy can the United States get?

Could it trigger another Asian financial storm like Thailand in 1997?

In this economic game between Asia and the United States, what kind of impact will our country face?

Now the United States is really desperate, no longer caring about its eating manners.

That is, with internal problems in the United States, unable to raise interest rates or lower them, it can only launch a currency war to reap the wealth of the world and replenish its own blood.

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Now, with the change in the economic outlook of the United States and the situation in the Middle East, the US dollar index has risen sharply, while the exchange rates of non-US dollar currencies against the US dollar have fallen one after another.

Among them, the decline of Asian currencies is the most severe.

For example, the Korean won has now fallen to the 1400 mark, a new low since last November; the Japanese yen has broken through 154, a new low in 34 years; the Indian rupee has also fallen to 83.5, breaking through the new low since last November.

In addition to the above Asian major economies, the currencies of smaller economies, such as the Indonesian rupiah, Vietnamese dong, and Philippine peso, need not be mentioned.

Now the Vietnamese dong has fallen to 25463, a new low in 9 years.

There is no lowest, only lower!

Under these circumstances, it can be said that Asian countries have collectively begun to resist the strong US dollar exchange rate, and this Asian currency defense war led by the United States has officially begun!

Let's first talk about why Asia is the most affected in this global currency versus US dollar confrontation?

There are three reasons.

First, Asian countries are relatively debt-ridden, and they do not have enough foreign exchange reserves to intervene in the foreign exchange market, but their overall economic volume is not small, which provides favorable conditions for Wall Street financial groups to short these countries' currencies.

For example, during the 1997 Thai financial storm, after deducting short-term foreign debt, Thailand's foreign exchange reserves were only left with 20 billion US dollars, which provided the best opportunity for Soros and some Wall Street financial groups to short the Thai baht, eventually affecting the entire Asia.

Secondly, Asian countries are mostly emerging economies, and they have often chosen full capital mobility, thus giving up exchange rate stability.

There is a professional term for this: the Mundell-Fleming impossible trinity.

Because they hope to do this to provide opportunities for international speculators, thereby promoting the development of the domestic economy.

However, in a fully liberalized financial market, the domestic currency is very susceptible to fluctuations in the US dollar exchange rate and is easily implicated.

As soon as the dollar raises interest rates, a large amount of funds run away, and as soon as the dollar lowers interest rates, a large amount of funds come in, and the country has no policy to intervene in the inflow and outflow of foreign capital.

Moreover, the flaw of the "export substitution" model.

Asian countries are more dependent on the export economy.

For example, South Korea is known as the canary of the global economy, and South Korea is definitely the first to feel the slightest changes in the global economy.

Vietnam is even more dependent on exports, and one-third of its export market is in the United States.

This will lead to a fragile economic foundation of the country, and once affected by external factors, the domestic economy will collapse.

It can be said that many countries in Asia have become the first big meal that the United States will harvest when necessary.

For example, Japan, South Korea, and Vietnam are definitely the first countries to fall before the United States falls.

So will the United States really create the Asian financial crisis of 1997?

Let's take Vietnam as an example.

Now the foreign exchange reserves are only 100 billion US dollars, and the scale of foreign debt is as high as 196.7 billion US dollars.

Even if Vietnam uses US dollar foreign exchange reserves to intervene in the foreign exchange market, how long can it intervene?

It can be said that under the strong siege of the US dollar index, the Vietnamese economy is ready to blow up at any time.

So, it is not difficult for the United States to really empty Vietnam's economy.

But we must see a fact, that is, these countries are often the little fans of the United States, and coupled with the acceleration of the global process of de-dollarization, even these little fans have begun to unite against the US dollar exchange rate!

In other words, what the United States wants now is money, not life.

If everyone is forced to the extreme, it will only hand over these little fans to China.

Will the United States do this easily?

Unless the United States' own economy is extremely bad.

Then let's talk about the impact of this Asian currency defense war on China?

On the positive side, more developing emerging countries are likely to further de-dollarize and strengthen economic and trade exchanges with China, which is very beneficial for the further internationalization of the renminbi.

In fact, the global economic game will eventually become an economic game between China and the United States.

On the contrary, while the United States is replenishing its blood, it also weakens its global discourse power and economic status.

On the negative side, the renminbi is also depreciating, and the offshore renminbi exchange rate against the US dollar has once broken through the 7.28 mark, which will also have a certain impact on China's real economy and stock market.

Secondly, international capital is now flowing back to the United States in large amounts, and foreign demand will be further suppressed, which is also unfavorable to China's exports in a certain sense.

In the face of pros and cons, the huge domestic demand is the foundation of China's economic stability, and with the beginning of the Asian currency defense war, China's influence in Asia will only be further strengthened.

**