Robin Leigh Pemberton of the Bank of England looked at the Reuters screen with deep concern in his eyes.

Affected by the fermentation of Schlesinger's opinion, at the close of the early morning, the pound against the mark briefly fell below the floating lower band of the European exchange rate mechanism.

2.7880

This is a very dangerous position, once the price comparison cannot get out of the lower band of the float, it will be like a magnet, attracting speculators from all over the world.

After thinking about it for a moment, Pemberton prepared to call Norman Lamont to ask for his opinion.

Bell Bell Bell –

The phone rang suddenly, and when Pemberton answered the phone, Lamont's familiar voice came.

"Robin. It's me, Lamont. Do you think it would be more beneficial for us to raise interest rates at a time? ”

"I'm trying to talk to you about this, and I think that by raising interest rates by two percent to defend the price, I believe that when the news gets out, we can buy some more pounds to get the price out of the current range for a while. If it really doesn't work, it's better to raise interest rates a second time. ”

"It's a good idea. ”

"Then I'll let the press office make an announcement now. ”

“......”

Hanging up the phone with Schlesinger, Norman Lamont lit a cigarette that he hadn't smoked for a long time, and no longer had the confidence to be in the conference room, let alone the confidence and toughness in front of the media. Between public and private, he did not know whether his actions were right or wrong, and the battle between conscience and reason, the battle between duty and choice, made him fall into deep contemplation.

Faith is something more important than gold!

But Lamont really doesn't have much confidence, Schlesinger, as the head of the Bundesbank, his remarks have attracted the attention of the world, and now he says that the pound needs to be devalued, and he also met with a big short in international capital, which is simply telling the world's speculators - sell Britain.

If you want to keep the pound in the lower band, now raising interest rates is already one of the last trump cards.

The sun shone through the window and on Lamont's graying hair, and the bright light made him feel very entangled and melancholy.

If he can keep the pound in the ECU, then his post as chancellor of the exchequer will not be affected, and the pound will indeed be forced to withdraw from the European Exchange Rate Mechanism, then his short position in the Royal Bank of Scotland group is just a risk-hedged transaction.

Eventually, Lamont sighed.

Since the Governor of Hong Kong has promised to urge the HKMA to buy the pound, he has done everything he needs to do and is not derelict in his duties.

Do your best, obey the destiny of heaven.

If Hong Kong can take over the sell-off in the Asian market, the pressure on the Bank of England will be much easier, and the pound may be able to weather the crisis if it can take the sell-off in the US market and the London market.

Probably because he had done his best, the entanglement in Lamont's heart suddenly relaxed a lot.

Eight o'clock in the morning, Bank of England.

After a brief meeting with Managing Director Robin Leigh Pemberton, the central bank's press department issued an announcement to raise the benchmark interest rate to 12 percent.

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"Now the Bank of England has only two cards in its hand, raising interest rates to keep capital outflows, and then buying pounds in the market to try to beat off sellers. ”

"But if the Bank of England raises interest rates, it will inevitably have a severe impact on the securities market and the government bond market. ”

“......”

In the central conference room, Shen Jiannan sat in the first place, quietly listening to the analysis and suggestions of supervisors at all levels.

His face was calm, and there was nothing unusual in his eyes, but in his heart, there was an indescribable feeling of exhilaration.

Because, the person who is now analyzing the cards in England's hand in a clear way is called Yu Zheng.

Shen Jiannan never thought that this honest man, who used to look dull at school and would blush even when he spoke, has now grown to this point.

What about the students who are staying in the country now?

It has only been a long time for Yu Zheng to analyze the hole cards in the hands of the Bank of England from all angles, and how far the students who are better than him and have more agile reactions will grow now.

"Treasury bonds are fixed interest rates, and even if the market interest rate changes after issuance, the interest payment of bonds will not be adjusted, and if the Bank of England raises interest rates, the demand for government bonds in the market will inevitably be greatly reduced. ”

"So, I think, we can sell a bigger position in Treasuries at this time. ”

Could this be the top talent of an era?

Seeing that Yu Zheng was a little nervous to say all his thoughts, a trace of trance crossed Shen Jiannan's eyes, the guy who once said with a red face that money could buy things, as if it was just yesterday.

"Teacher...... Mr. Shen, is there a problem with what I said?"

"Nope. I agree with your proposal. Very well said, nothing to add yet. ”

A teacher for one day, a teacher for life.

People like Yu Zheng have always thought so in their hearts.

With Shen Jiannan's approval, a trace of excitement crossed his eyes, and he quickly took a deep breath.

"The Bank of England is now focused on exchange rates, and they can't take care of the interest rate market and the equity market, and even if they want to, they can't. Unless, stop the issuance of treasury bonds, or buy treasury bonds in the market.

But this guy has a contradictory relationship.

For the sake of hedging risk, I think it is possible to establish more sell positions in both the Treasury futures and securities markets. ”

Crisis!

A huge crisis made William a little unable to sit still.

Shen Jiannan and Yu Zheng have a teacher-student relationship, and this guy seems to be too reasonable.

"So what if the Bank of England doesn't raise interest rates? ”

“.......”

Shen Jiannan and Yu Zhengqi cast an idiot look at William.

Suddenly, William also realized that his rebuttal had not gone through his brain.

If the Bank of England does not raise interest rates, the pound will have to depreciate, which is a complete dead end.

Britain is dead.

Bang bang –

Suddenly, there was a knock on the door, and William's secretary walked in with a document.

"Boss, the Bank of England press office has just made an announcement. ”

Announcement of the Bank of England raising interest rates.

Looking at the short paragraph above, Shen Jiannan smiled slightly and snapped his fingers.

"Good. Game on!"

The wind fuels the fire, and the fire fuels the wind.

Although Pemberton had never learned these eight words, some things were essentially the same, and when the news was announced, he personally went to the bank's market trading department.

"Jimmy. We need to get rid of the negative impact of Schlesinger's speech, and you have to take advantage of this opportunity, because we don't have many cards to play. ”

As the chief trader at the Bank of England, Jimmy McCalfe is well aware of the seriousness of the situation, and it would be a disaster if the pound gapped, not recovering such a large gap in early trading.

However, he is not too worried, the central bank has raised interest rates to 12 percent at a time, and if this does not eliminate the negative impact of the Germans, then he, the chief trader, should not do it.

"Hey, guys, get your spirits up and show those damn bears how good we are. ”

“......”

"2.7890 Buy 10 million"

"2.7915 buy 50 million"

"2.9250 buys 30 million"

“......”

With Jimmy McCalve's explanation, the traders immediately jumped to work, holding the phone or tapping on the keyboard, and reported one buy order after another in the spot market.

With such a large buy order in the spot exchange, the futures market immediately reacted accordingly, buying and closing large sums of money, which caused the exchange rate of the pound to the mark to rise rapidly.

2.7885 buys 30

2.7892 sold flat 2

......

2.7912 buys 3

2.7935 buy 5

......

In just five minutes, under the news of the interest rate hike in England and the billion-pound invested by the Bank of England, the trend of the pound against the mark rose like a rocket, and quickly filled the decline in the New York market.

Everything went very smoothly.

Robin Leigh Pemberton breathed a sigh of relief, and quickly picked up the phone and rang Norman Lamont to report the good news.

Lamont didn't know whether to be happy or depressed, but in the end, he felt that the result was not bad.

"That's it, let those damn bears see how good we are. ”

“.......”

Suddenly, there was a moment of silence on the phone.

Instinctively, Norman Lamont sensed something was wrong.

"Robin, are you still there, what's going on?"

The Bank of England, Robin Leigh Pemberton, watched the trend of the Reuters Treasury 1992 in a daze, and his throat subconsciously squirmed several times.

100.285 sell 6

100.270 sell 6

100.265 Sell 6

......

100.225 sell 6

......