Placement of exclamation mark

[Kohyoongliat]

Once again we have a chance for change, a chance to overhaul the system, this corrupt system," he said in Malay, as the crowd chanted “Re-for-masi”!

Should it be “Re-for-masi!” instead ?

Thanks.

[Arinker]

I think so.
It’s the word “Re-for-masi” that is being exclaimed, not the entire sentence, and so the exclamation point should belong inside the quotes.
Here is a rearrangement of the sentence that makes the placement of the exclamation point more obvious:
The crowd chanted “Re-for-masi!” as he spoke.

[Torsten]

“Once again we have a chance for change, a chance to overhaul the system, this corrupt system,” he said in Malay as the crowd chanted “Re-for-masi!”