This time, the foundations of emerging Asian markets are healthier and better able to withstand pressures on foreign exchange rates, analysts said.
For instance, because there are fewer foreign holdings of local assets in Asia, any capital flights would inflict less financial pain this time around, UBS Global Wealth Management executive director for Asia-Pacific FX and macro strategist, Tan Teck Leng, told CNBC's""I think this brings back memories of the Asian Financial Crisis but for one, the exchange rate regime has been a lot more flexible in today's context, compared to back then," he said.
On Thursday, however, the central bank of the Philippines also raised its main policy rate by a further 50 basis points and signaled it would implement further hikes down the track. Reducing currency disparity with the U.S. dollar reduces the risks of capital flights and foreign exchange rate collapses.
"They largely let exchange rates absorb the external pressure, rather than supporting the currency by selling FX reserves." Depleted foreign reserves triggered the floating and subsequent crash of the Thai baht in the 1997 crisis.
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