Why the next currency crisis won't be in Asia

Many investors are nervous about Asia, fearing a repeat of the market rout of 1997-98, when Thailand's crashing baht sparked a currency crisis. But, says Cris Sholto Heaton, Asia is in far better shape than it was ten years ago, and we should be looking elsewhere for the next currency crisis.

This article is from MoneyWeek Asia, a FREE weekly email of investment ideas and news every Monday from MoneyWeek magazine, covering the world's fastest-developing and most exciting region. Sign up to MoneyWeek Asia here.

Financial crises are a little like the fairground game of whack-a-mole. No sooner do you bring the hammer down on one mole than another pops up somewhere else. At least, that's how it must feel to bankers and governments as they wrestle with the global financial system.

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Cris Sholto Heaton

Cris Sholto Heaton is an investment analyst and writer who has been contributing to MoneyWeek since 2006 and was managing editor of the magazine between 2016 and 2018. He is especially interested in international investing, believing many investors still focus too much on their home markets and that it pays to take advantage of all the opportunities the world offers. He often writes about Asian equities, international income and global asset allocation.

Cris began his career in financial services consultancy at PwC and Lane Clark & Peacock, before an abrupt change of direction into oil, gas and energy at Petroleum Economist and Platts and subsequently into investment research and writing. In addition to his articles for MoneyWeek, he also works with a number of asset managers, consultancies and financial information providers.

He holds the Chartered Financial Analyst designation and the Investment Management Certificate, as well as degrees in finance and mathematics. He has also studied acting, film-making and photography, and strongly suspects that an awareness of what makes a compelling story is just as important for understanding markets as any amount of qualifications.