After chatting with the bigwigs, when saying goodbye, he avoided everyone's attention, quietly left a note in the palm of Mr. Deng's hand and left, returned to the hotel, and then went directly to the Hong Kong headquarters of Century Tianya Investment in Pacific Place.

"Boss, you're finally here. As soon as he got out of the elevator, Bill Weili Bei and Li Shanquan were waiting with a few management, and when they saw Li Feng coming out, Bill said with a smile.

"Haha... Bill, I'll be here for you for the next few days. Li Feng said with a smile.

"BOSS, don't you know, since the beginning of the year, Thailand's financial and foreign exchange market is surging, but it is very lively. Bill replied with a smile.

"Let's go, let's go to the office. Li Feng could only reply lightly.

Under the attention of the company's owners, the group returned to the company's Li Shanquan's general manager's office, that is, Li Shanquan's office.

As soon as they arrived at the office and sat down, Bill and Li Shanquan couldn't wait to report to Li Feng, and they both showed excitement in their tones.

……

"BOSS, since the beginning of 1997, housing prices in Bangkok's business district have started to fall, falling by 22%. The Stock Exchange of Thailand (Stock Exchange) index in the Thai stock market also fell from more than 1,400 points at the end of January 1996 to more than 520 points in June 1997, a drop of more than 60%.

As a direct consequence of the bursting of the bubble in the real estate market and the stock market, the non-performing assets of commercial banks have increased significantly. In June '96, the non-performing loans of Thai commercial banks exceeded 1 trillion baht, and the non-performing loan ratio reached 35.8%. In the stock market and the real estate market, the sharp decline in asset prices has also hit financial securities companies hard.

On the one hand, their own securities holdings have depreciated, and on the other hand, their non-performing loans in the real estate market and their personal portfolio investments have risen sharply.

Since Thailand implements a "peg floating" exchange rate system, it is still the US dollar that is pegged. When the dollar entered the appreciation channel, the Thai government realized that the continued peg of the Thai baht to the dollar would undoubtedly put the 'export-oriented' Thai economy to death.

However, the Thai government has been slow to make up its mind to adjust the exchange rate regime because of fears that the abandonment of the pegging system will lead to the depreciation of the Thai baht, increase the domestic debt burden, lead to business bankruptcies, unemployment of workers, and an increase in the non-performing loan ratio of financial institutions.

They hope to keep the exchange rate pegged for a while longer, to solve the domestic economic problems first, and then to adjust the exchange rate system. However, international speculators did not give the Thai government enough time.

Unfortunately, the Thai government miscalculated the form. Since the beginning of 97, international speculative capital has launched a series of attacks on the Thai baht, and the Thai government has taken a series of measures to try to defuse the looming crisis.

……

In February, the Bank of Thailand (BOT) intervened on a massive scale in Singapore's foreign exchange market in order to depress the Thai baht exchange rate. As a result, this operation caused a strong market backlash, the Thai baht exchange rate depreciated by 5% rapidly, and the attacks on the Thai baht by international currency speculators shifted from covert to overt.

In March, international investors borrowed up to US$15 billion in forward baht contracts from Thai banks and sold them on a large scale in the spot market, increasing pressure on the baht to depreciate like never before. The Bank of Thailand intervened with $2 billion in foreign exchange reserves to quell the turmoil.

In May, international speculators quietly established positions in spot and forward foreign exchange transactions through foreign banks operating offshore operations, and then borrowed Thai baht from local Thai banks.

The sudden difficulty in selling a large number of Thai baht in the spot and forward markets and the short selling of the Thai baht caused the spot exchange rate of the Thai baht to fall sharply, breaking through the floating range stipulated by the Bank of Thailand many times, causing panic in the market.

Commercial banks and corporations sold the baht and snapped up the dollar, and the baht depreciated to 27:1 against the dollar.

In the face of the shock, the Bank of Thailand once again intervened with $5 billion in foreign exchange reserves, raising the offshore lending rate to 1,000% and prohibiting domestic financial institutions from lending baht.

Not long ago, in late June, Thailand's extremely fragile foreign exchange market once again experienced violent fluctuations, and the exchange rate of the Thai baht against the dollar plummeted to 28:1, and now it seems that the Thai government is almost finished. Bill Willibe said in an affirmative tone with excitement.

……

"Yes, judging from Thailand's previous foreign exchange reserves of 33 billion US dollars, according to calculations, this time has been basically exhausted now, as long as the foreign exchange reserves are exhausted, maybe the Thai government may find another way.

In our view, there are only a few aspects, one is to sell domestic corporate assets and raise funds, and the other is to turn to the international community, such as the World Bank, and so on.

Unfortunately, the nature of the World Bank is controlled by the United States, and most of the capital that attacks the Thai foreign exchange market comes from Wall Street, so the result can be imagined. Another example is to seek state aid, such as China, Japan, etc., but state funding cannot be unlimited, so these are all a drop in the bucket or a drink to quench thirst.

The last point is to adjust the current foreign exchange policy, and now international travel funds are attacking the Thai baht, which is equivalent to giving up resistance, and the depreciation of the Thai baht will be further and even completely like waste paper.

According to the current situation, according to my estimate and that of the staff, the Thai government should be unable to hold on immediately, and domestic assets will begin to be slowly infiltrated and controlled by European and American capital, and if they can get the support of the international community, adjusting the exchange rate system is the only feasible way for them.

The depreciation of the Thai baht is our opportunity, and Bill and I agree that when the exchange rate is adjusted, it is also the last straw that breaks down, that is, it is not clear when the adjustment strategy will be announced. Li Shanquan also said on the side.

"Although, according to your instructions, we will pool the funds and open a position on the 2nd, but BOSS, I don't know how you know, they will adjust on this day?"

Obviously, before Li Feng asked them to start concentrating their funds and preparing to bet on the day of the 2nd, the two of them were still mentally confused.

……

"I'm here to bring you good news now, I talked to several leaders of the Chinese government in the morning, and I heard the government No. 1 say that the prime minister of Thailand has called him several times, hoping that the government can support and assist them, but there is no news yet.

Moreover, I heard him say that the prime minister of Thailand told him that the government has basically made a decision, and if there is no other support, it will announce that it will abandon the exchange rate system tomorrow.

Isn't Hong Kong just returning to the motherland, the financial crisis in Thailand, Malaysia, Indonesia and other places will definitely affect Hong Kong, the Chinese pay the most attention to face, the government naturally does not want such a situation, according to the Thai government's thinking, this is the possibility of pulling the sky into the water. Li Feng said that the so-called announcement of Thailand's decision to abandon the exchange rate on the 2nd was the news that he got it from the Celestial Empire government, and he was temporarily fooled.

"What is this, threatening the government of the Celestial Empire, it's really stupid. Li Shanquan interjected on the side.

"It's really stupid, where is the economic size of the Chinese government comparable to Thailand, maybe it has drowned, and people are still holding on. Bill Willibe agreed.

"In any case, we have to prepare well for tomorrow, tomorrow may be the last straw that crushes the Southeast Asian economy, and what the final result is, maybe the financial crisis is really coming. Li Feng said with a smile.

"Since you have brought such good news, BOSS, it is naturally impossible for us to give up, rest assured, all the preparations have been made, and all our funds have been prepared before, in addition to our own $3 billion, there are also $5 billion in funds have been prepared. Bill replied with a smile.

……

"That's good, I'm going to be busy with you next, and I'll go to visit an elder for the last time, and I'll go first. After communicating with his two generals again, Li Feng said with a smile.

"OK, so be it. Bill and Li Shanquan both said with a smile.