The situation of the Xiangjiang stock market and the futures market is very good, various companies are also developing in an orderly manner, and the return of funds from the Galaxy Fund is also very smooth, which makes Xia Yu feel very good for a while.

It's just that someone affects his good mood at this time!

On the morning of December 15th.

Xia Yu had just returned from inspecting the factory of Tiangong Automobile Group in Yuen Long Science and Technology Industrial Park, but Wang Qi came over to report a news to him.

In order to create a stable investment environment as much as possible and optimize the inflation problem in Hong Kong, the Financial Secretary of the Hong Kong Government is preparing to reform the exchange rate system in Hong Kong, and there is a relatively loud voice within the country, proposing to change the floating exchange rate system implemented in 1974 to a fixed exchange rate system, which is pegged to the British pound!

"Agree with this opinion, mainly the British?"

Xia Yu asked Wang Qi with a cold face.

Wang Qi nodded and said, "Yes!"

"These people are too selfish, and now Britain has long been lagging behind, and the exchange rate of the pound fluctuates greatly, so that the Hong Kong dollar is pegged to the pound, and the good situation that we have just emerged now will be completely destroyed. ”

"Even if it is pegged, it is pegged to the dollar, where to get the pound!"

"These people should get out!"

"If you make a list, I will have people take out their black material, clean them all out, and replace them with 'better' Chinese. ”

Xia Yu snorted coldly and said.

Wang Qi understood in seconds, showed a smile and nodded in response: "Okay, chairman, I will ask Zhou Shanwen to make a list tomorrow at the latest." ”

"Hmm!"

Xia Yu bowed slightly, and his expression eased slightly.

At this time, Wang Qi pondered for a moment and said: "Chairman, in fact, the floating exchange rate system in Xiangjiang does have a big problem, although the banking industry, the stock market and the futures market are all prosperous, but the current exchange rate system is a big hidden danger. ”

"Two years ago, the U.S. dollar was still around 4.6 Hong Kong dollars per dollar. ”

"But the Hong Kong dollar has been depreciating in the past two years, and this year it has depreciated to $7.2 per dollar. ”

"Fortunately, the issuance of the Sino-British Joint Declaration has given the Hong Kong economy a shot in the arm, and the booming stock market and futures market in recent months have boosted the appreciation of the Hong Kong dollar. ”

"But now the exchange rate is floating around 1 US dollar to 6.2 Hong Kong dollars, which is a big depreciation compared to a few years ago. ”

"However, during this period, the large-scale inflow of foreign capital into Hong Kong has also led to the appreciation of the Hong Kong dollar, which will have a great impact on Hong Kong's export economy, real economy and employment, and it is also not conducive to foreign investment in Hong Kong, which seriously affects the economic foundation of Hong Kong. ”

Xia Yu looked appreciative, nodded and said, "You're right, there is indeed a big problem with Xiangjiang's exchange rate system, and it's time to plug this loophole!"

Wang Qi's eyes lit up, looked at Xia Yu expectantly, and said: "Chairman, Zhou Shanwen told me that there are mainly three views within the Financial Department now, and the loudest voice is to change to a fixed linked exchange rate system, which is pegged to the British pound. ”

"The second voice is to maintain a floating exchange rate and maintain the independence of monetary policy, but to increase foreign exchange reserves, expand the Monetary Authority, and improve the Hong Kong government's ability to control the exchange rate. ”

The third voice is also to change to a fixed linked exchange rate, but it is pegged to the US dollar, which is the view held by Zhou Shanwen. ”

"Chairman, which exchange rate system do you think is more suitable for the current Xiangjiang?"

Xia Yu's eyes were a little distracted, and the exchange rate system of Xiangjiang in his previous life appeared in his mind, and the pros and cons flashed in his mind.

In this world, there are two kinds of exchange rate systems, one is the floating exchange rate system and the other is the fixed exchange rate system.

At present, the mainland has a fixed exchange rate system, and it was not until 2005 that it was changed to a floating exchange rate system.

Different exchange rate regimes behave differently in the face of the impact of international capital flows on their economies, and their advantages and disadvantages are also different.

Generally speaking, when choosing a floating exchange rate, it is mainly market forces that control the cross-border flow of capital.

There are many advantages to implementing a floating exchange rate system, such as a floating exchange rate system that guarantees the independence of monetary policy, a floating exchange rate can help to mitigate external shocks, there is less government intervention, the exchange rate will be determined by the market and more transparent, and the government does not need to maintain large foreign exchange reserves.

However, the shortcomings are also obvious, that is, under the floating exchange rate system, the exchange rate tends to fluctuate greatly and excessively, which may be detrimental to trade and investment; because the exchange rate floats freely, people may engage in speculative activities, resulting in the instability of the currency exchange rate; and most importantly, the floating exchange rate system puts forward higher requirements for a country's macroeconomic management capacity and the development of the financial market.

In the previous life, the mainland, with its vast land and abundant talents, also experienced many setbacks in its ability to manage the RMB exchange rate before it matured, but it also faced challenges from time to time.

And where can the Xiangjiang region, which is small in land and few people, compare with the big countries?

In the past seven or eight years of implementing the floating exchange rate system, we can see how capable the Hong Kong government is in this regard, and the tuition fees it has paid are already quite large.

Choosing a fixed exchange rate requires the government to control the cross-border flow of capital, which is conducive to stable economic development.

Because under the fixed exchange rate system, the exchange rate is relatively stable, and the fluctuation range of the exchange rate is either spontaneously maintained or artificially maintained, which enables the price determination of imports and exports, the calculation and control of international trade costs, and the repayment of international claims and debts to be carried out relatively stably, reducing the risk caused by exchange rate fluctuations.

In addition, the fixed exchange rate is conducive to the accounting of costs and profits of economic entities in international trade, international credit and international investment, avoids the risk of exchange rate fluctuations, and plays a certain role in promoting the development of the world economy.

However, the fixed exchange rate also has great drawbacks, for example, the most obvious is the loss of monetary policy independence, the loss of the country's "leverage" role in adjusting the economy, and the easy transmission of inflation internationally, and then causing economic problems.

The advantages and disadvantages of both exchange rate regimes are obvious, and have long been explored by the elites of various countries in the world.

The "trilemma" theory proposed by American economist Paul Krugman holds that the three goals of monetary policy independence, exchange rate stability, and free capital flow cannot be achieved at the same time, but can only be achieved at the same time.

In fact, countries can only choose between two objectives that are beneficial to them.

Combined with the path taken by Xiangjiang in the previous life, as well as the current situation of Xiangjiang.

Xia Yu believes that in the next 20 years, the most suitable system for Hong Kong will be the linked exchange rate system, which is pegged to the US dollar, and this linked exchange rate system is essentially a fixed exchange rate system.

However, once the linked exchange rate system is activated, then Hong Kong must have a large US dollar foreign exchange reserves.

Because when more people want to exchange Hong Kong dollars for US dollars, if there is not enough US dollar foreign exchange reserves to supply, then foreign exchange will appear to be in short supply, the Hong Kong dollar will depreciate, and the linked exchange rate system will collapse.

Of course, as long as the foreign exchange reserves are sufficient, they are not afraid of the attacks of international speculators.

During the financial crisis in 97 years ago, Xiangjiang itself had huge foreign exchange reserves, coupled with the full support of the mainland, so that international speculators such as Soros, who was invincible in Southeast Asia, were defeated in Xiangjiang.

The fact that Hong Kong is very different from other countries in Southeast Asia also fully demonstrates the important role of the linked exchange rate system for Hong Kong.

As for what to do after the return of Xiangjiang and whether the exchange rate system should be replaced, he does not need to worry about it.

Because at that time, with the support of the mainland's talent system and financial system, Xiangjiang was fully qualified to withstand all kinds of storms and implement the linked exchange rate system, and he only needed to sit back and enjoy his achievements.

Now, he is obviously a businessman, but he has to worry about the present and future of the entire Xiangjiang from a political point of view.

O hard work!

But he paid so much, and he deserved to get the benefits from it as hard work......

Xia Yu shook his head slightly, looked at Wang Qi again, and instructed: "The most suitable thing for Xiangjiang is the linked exchange rate system, which is pegged to the US dollar, and now the exchange rate is 6.2 Hong Kong dollars per US dollar, so it can be set on this benchmark." ”

"As for the details, I have some ideas. ”

"But you've got enough things to do, and you don't need to follow up. ”

"Zhou Shanwen is the deputy director of the Financial Authority of the Financial Secretary, you ask him to come to me as soon as possible, and I will have a good chat with him. ”

"Okay!" Wang Qi replied obediently.

......

For the summoning of the big boss behind the scenes, Zhou Shanwen did not dare to slack off, and specially asked for leave to report to Xia Yu the next morning.

In the morning of the same day, Xia Yu inquired in detail about the internal situation of the Financial Secretary and the Hong Kong Monetary Authority, and then talked to him about many things about the linked exchange rate system, which made Zhou Shanwen's thinking very clear.

In the end, Xia Yu also told Zhou Shanwen to prepare him to be the director of the Financial Authority during this period of time, which made Zhou Shanwen very happy and thanked Xia Yu again and again for his cultivation.

After Zhou Shanwen left, Xia Yu ordered Luo Wang to start acting.

He focused on sorting out his assets and making plans for next year's development.

......

The Christmas holiday in Europe and the United States is equivalent to the winter vacation, and the holiday time is generally from December 22 to January 5, two weeks.

As the time gradually approached Christmas in the West.

Companies across a wide range of industries have also embarked on massive advertising and marketing campaigns in an attempt to generate enough revenue during the biggest holiday of the year.

And in the video game industry, the marketing war is already in full swing.

However, the most invested funds, the largest marketing efforts, and the most widely known are Tiangong Electronics Group and Atari Company.

In the United States, Huo Jianning invested tens of millions of dollars in advertising and marketing, and Huo Jianning had found Peter Lynch in advance, so the tens of millions of dollars were completely spent on the effect of $20 million.

This puts Atari and its parent company, Warner Bros. Entertainment, under tremendous pressure to invest more in marketing.

No way, for this Christmas war, Atari has produced 10 million new Atari 2600 game consoles, and 5 million copies of "E· T Aliens" game cartridges, and of course, there are seven million copies of T-T-Man game cartridges in the warehouse that have not been sold yet.

Combined with other game cartridges, Atari is ready to bring fifteen million copies of the game cartridges to market.

This Christmas, Atari and Warner Bros. Entertainment are ready to make a lot of money.

《E· Aliens is a popular game that not only makes money, but also plays an important role in driving sales of the Atari 2600 game console.

After all, E· Alien is a popular game that can only be played on the Atari 2600 console!

Atari also has enough confidence in the market prospects, because the dealer has already taken four million copies of the E· T Aliens" game cartridge, and more than two million Atari 2600 consoles.

Now in Atari's warehouse, there are only one million copies of E· T Aliens game cartridges, cassette manufacturers are also on standby, just wait for the sales frenzy to break out, they can continue to produce game cartridges as soon as possible, to ensure that the market supply is sufficient.

Therefore, in the case that everything is ready, it must not be in the most critical period to be robbed of the limelight by the largest competitor Tiangong Electronics Group.

On December 22, the Christmas holiday in the United States officially began.

On this day, Atari and Tiangong Electronics Group held a press conference in New York at the same time, and the location of the conference was not far away, which was completely the rhythm of the frontal ring.

Atari is still launching the Atari 2600 game console, and the ace "E· T Aliens game cartridge and Space Invaders game cartridge with newly designed levels.

Tiangong Electronics Group has launched the second-generation home game console TG-MasterSystem2, as well as five new game cartridges led by Clint Eastwood's "Red Dead Redemption" adapted from the game "Red Dead Redemption", and of course, "Super Mario", "Huaxia Cube", "Tank Wars" and other game cartridges that have been selling well all over the world.

As far as the lineup is concerned, although Atari has many cassettes, there are many shoddy and bad products, and the card "Pac-Man" has been broken, and only "E· Aliens and Space Invaders.

After the press conference, dealers across the United States who were already gearing up officially began to sell.

On this day, I don't know how many children smashed the piggy bank and rushed to the nearest game retail store with their hard-earned money to buy game consoles and game cartridges.

......

Fourteen-year-old Jack is a game fan whose initiation game is Space Invaders, and he has long known through TV commercials and posters that today is the day when many game companies release new games.

Although he was disappointed by the many garbage games that Atari had released since the beginning of this year, it just so happened that his whole family liked E· This cute big-headed alien.

The product of the combination of the two - "E· T Alien" game has long been what he has been looking forward to.

After coming to the game retail store from a wealthy family, he did not hesitate to buy "E· T Alien game cartridge, as for the Atari 2600 console, he already had it and didn't buy it again.

However, he was also captured by the high-quality games of Tiangong Electronics Group, and he also bought TG-MasterSystem2 game consoles, as well as ten game cartridges such as "Red Dead Redemption" and "Super Mario".

After that, he hurried home and called his brother to play a game together.

The first to play, of course, the most anticipated "E· T Alien game.

It's just less than five minutes......

"Damn, Atari has developed another garbage game, this damn crater, you can't get up after you fall, it's pointless......"

"I'm like a clown being laughed at by Atari ......"

"Lovely and kind E· T, it was developed into this garbage game, this is to deceive our feelings, I want to return it!"

Enraged, Jack threw the Atari 2600 game console aside, and then, with his brother's comfort, took apart the TG-MasterSystem2 game console and the latest game of Red Dead Redemption.

Another five minutes later......

Set in the 1849 American West and featuring bounty hunter Billy Bob, this vertical-scrolling shooter completely captivates the Jack brothers.

The two games are judged by the best!

Jack was utterly disappointed with Atari.

In the afternoon of the next day, after playing all the games of Tiangong Electronics Group, he sighed at the game classics, and saw the Atari 2600 game console and the "E· T Alien" game cartridge, he suddenly lost his breath, he couldn't get angry enough to put the game cartridge back into the packaging box, and ran to the game retail store angrily to ask for a return.

There, he found that there were many people like him, who came to return goods.

And the same is true for the things that require returns, which is the "E· T Aliens Game Cassette ......

PS: The two chapters are one.,Didn't divide it into two chapters.,I just went to the hospital this afternoon and spent more than 900.,It's both physically and mentally painful.,Or.,Let's vote for comfort? (*^▽^*)

n.