5.7 Asian Pacific Crisis (1997). The Asian financial crisis that began in July 1997 wreaked havoc throughout the currency markets of East Asia. July 1997 (per US$) 8.40 Nov 1997 (per US$) 8.40 773 Country and Currency China yuan Hong Kong dollar Indonesia rupiah Korea Malaysia ringgit Philippines peso Singapore dollar Taiwan dollar Thailand baht 7.75 2,400 900 3,600 1,100 3.50 34 2.50 27 1.43 27.80 25.0 1.60 32.70 40.0 a. Which of the currencies in the table had the larg- est depreciations or devaluations during the July to November period? b. Which seemingly survived the first five months of the crisis with the least impact on their currencies? 58 DI