3. Asian Financial Crisis. The Asian financial crisis which began in July 1997 wreaked havoc throughout the currency markets of East Asia. Which of the fol- lowing currencies had the largest depreciations or devaluations during the July to November period? Which seemingly survived the first five months of the crisis with the least impact on their currencies?

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July 1997 November 1997 Country Currency (per US$) (per US$) China yuan 8.4 84 Hong Kong dollar 7.75 7-73 Indonesia rupiah 2400 3600 Korea won 900 1100 Malaysia inggit 25 Philippines peso 27 34 Singapore dollar 1.43 1.60 Taiwan dollar 27.8 32.7 Thailand baht 25 40