In fact, as early as last year, after the fall of Thailand, Malaysia and Indonesia, international speculators had sold Hong Kong dollars in the New York foreign exchange futures market in an attempt to attack Hong Kong. As the new Taiwan dollar has just depreciated by 3.3%, hitting a 10-year low, it has further fueled the prestige of financial predators. Starting from October 21, international predators represented by Quantum Fund and Tiger Fund have shorted 100 billion Hong Kong dollars in a few days, fully suppressing the Hong Kong dollar, and trying to bet on the decoupling of Hong Kong's linked exchange rate system.

Compared with other Southeast Asian countries, Hong Kong's exchange rate system has its own peculiarities: from 17 October 1983, note-issuing banks have always exchanged US$1 for HK$7.8, and paid US dollars to the Exchange Fund in advance in exchange for certificates of indebtedness equivalent in Hong Kong dollars before issuing additional Hong Kong dollar notes.

In other words, the Hong Kong dollar issuance is not unconditional: there must be an injection of US$1 for HK$7.8 to be derived.

Hong Kong's note-issuing banks do not have the right to issue additional banknotes without authorization, and the Hong Kong Monetary Authority (HKMA) is also not allowed to print banknotes on their own initiative. In order to stimulate economic development, Southeast Asian countries often take the initiative to inject water: 1 US dollar is derived from 2 US dollars or even 5 US dollars of local currency, which is called their own economic development, and the total amount of currency should be increased, but in fact they are playing the game of "7 pot lids and 10 pots", and when international speculators hide several of the pot lids, this trick will immediately go bankrupt.

Hong Kong's special system has a dual nature, and the good aspects include a stable currency value and high gold content, and the Hong Kong dollar is not so much Hong Kong's legal tender as a US dollar exchange note, with a status equivalent to a quasi-US dollar; the bad side is that Hong Kong's financial policy and even economic policy have been led by the nose by the United States, and the US Federal Reserve has become Hong Kong's de facto central bank. When the Federal Reserve says that it will release water, Hong Kong will release water, and when the Federal Reserve raises and lowers interest rates, most of Hong Kong will also raise and lower interest rates at the same time. Hong Kong's entire economic cycle has been forced to tie itself to the United States.

[Note: Synchronization is not necessarily the same value]

The United States has to take medicine for cold and flu, and Hong Kong, which is not sick, may be forced to take injections and hang salt water.

There is a deeper reason for the choice of this exchange rate management system in 1983 – the following year China and Britain signed the Joint Declaration, which stipulated that China would resume the exercise of sovereignty over Hong Kong from 1997.

Thinking of the role of the London authorities in the-stirring stick, and the landmines planted in the Mountbatten plan, it is easy to understand that this is paving the way for the future to continue to control Hong Kong.

Between 1983 and 1997, Hong Kong was politically a British colony and an economic American colony.

In the face of the attack of international speculators, the Hong Kong Monetary Authority (HKMA) reacted immediately, with Chief Executive Joseph Yam using US dollars saved from the Exchange Fund to buy Hong Kong dollars, and at the same time taking the initiative to tighten the monetary strings to prevent the other party from continuing to borrow Hong Kong dollars to launch a new round of attacks.

After the interest rate hike, the Hong Kong dollar was in short supply in the market, interest rates were raised, and the cost of borrowing by speculators skyrocketed, and the HKMA had far more foreign exchange reserves than in Southeast Asian countries.

Ren Zhigang's magic weapon was praised by Hong Kong public opinion as: any move!

But "one move" is not a one-size-fits-all solution. The core of any move is to raise the interest rate, but the increase in the interest rate is a set of seven wounds: it hurts both the enemy and the self.

At the same time, Hong Kong also has its Achilles' heel -- high real estate prices! At this time, Hong Kong's real estate is as high as 10,000 Hong Kong dollars per square foot (0.11 square meters), while the monthly income of Hong Kong's ordinary citizens is only 20,000 Hong Kong dollars, in other words, an annual income can only buy more than 2 square meters.

If property prices fall sharply, the banking system, which is collateralized by real estate, will immediately be in turmoil, and if property prices are forced to remain high, while raising interest rates to stabilize the exchange rate, monthly mortgages will be miserable.

Take a mortgage of HK$3 million to be repaid over 30 years as an example: at 4% interest rate, the monthly repayment needs to be 14,300 yuan, and if the interest rate is increased to 8%, the monthly repayment amount will soar to 22,000 yuan.

Twenty years later, a certain real estate country is also facing a dilemma: a big blow to real estate prices? The banking system, which is his own son, will be finished; Tightening the monetary system, raising interest rates, and maintaining the purchasing power of money? The mortgage system will be finished, and then there will inevitably be a social shock.

Therefore, only by constantly releasing water and ensuring that interest rates are low can we maintain such a life...... If there is no real estate to act as a reservoir to absorb excess funds, then rice will not be a problem of 3 yuan or 5 yuan a catty, but may be 30 yuan or 50 yuan a catty.

Ren Zhigang also knew about this problem, so as soon as he repelled the speculators, he quickly lowered the interest rate again - after all, Hong Kong cannot take the initiative to release water.

But in this general offensive in August this year, the scene was different, and the international speculators represented by Soros used the hedging idea in an all-round way after continuous testing in the early stage:

In the exchange rate market, they shorted the Hong Kong dollar in large quantities, betting that Hong Kong would withdraw from the Linked Exchange Rate Mechanism and depreciate sharply.

In the securities market, they are heavily shorting the Hong Kong stock market, especially the Hang Seng Index, betting on a sharp decline in the securities market.

If Hong Kong continues to use any of its tactics - maintaining the exchange rate and raising interest rates, the stock market will inevitably plummet, and shorting the stock market will make huge profits;

If Hong Kong gives up any of its tricks, maintains low interest rates, and stabilizes the stock market, the Hong Kong dollar exchange rate will inevitably be unable to hold up and the linked exchange rate will depreciate, and shorting the Hong Kong dollar will make huge profits.

At the same time, they also used their own public opinion to constantly release pessimistic views to inspire Hong Kong citizens to follow, and it happened that the situation in Hong Kong was also very bad at this time:

At the beginning of August, statistics showed a negative growth of 5% in the second quarter, with the unemployment rate rising to 4.8%.

On August 3, HSBC announced that the performance of the first half of the year had regressed sharply, with profits falling by 40% year-on-year, and HSBC's parent company, HSBC Holdings, saw its earnings fall 16%, which was the first profit regression since the establishment of HSBC Holdings 9 years ago, and the stock price fell sharply by 5.29%, HSBC as the leader of Hong Kong stocks, its performance as a whole dragged down the market, and the Hang Seng Index fell below the 7700 point mark.

From August 4 to 6, the press spread rumors of the depreciation of the renminbi and the decoupling of the Hong Kong dollar, and the black market exchange rate in Guangzhou and Shenzhen reached 9.5 yuan to 1 US dollar.

Gao Yang witnessed these news flooding the Hong Kong media two days ago, so he understood Chang Tianhao's "homeopathic short selling" very well and nodded in approval.

Chang Tianhao asked him: "Senior brother, don't you make it yourself?" I heard that the sales department also has a self-operated market?"

Gao Yang smiled: "Indeed." However, the self-operated disk of the sales department has more requirements than the management of hedging disk, which is not okay and that cannot be arbitrary. It's up to you to do it first, you are the first of us to eat crabs, and we are waiting to promote your successful experience. So when the time comes, I will use my junior brother to do publicity, but don't worry, it is a small private promotion, and I won't shout all over the world. ”

Chang Tianhao knew that this could not be avoided: the whole team of New Century was working around the external project, and it was definitely not just to serve themselves, so they would have to die. There are many advantages to using him as a model for promotion: a lot of assets, young people, little experience, and quick money.

In other words, it is a hint to other old birds: come and play, we have opened a new field, and it is easy to make money......

"That's no problem, don't say I'm studying this major in Hujiang. ”

"The junior brother reminded me right, with the caliber of Xiaoqin, after the rich businessmen of Xishan, Master Hao!"

Hahaha, everyone laughed.

Of course, it makes sense not to mention the major, if only the financial major can play, then others should be discouraged, but if it is a Xishan Xiaokai who makes money, most people will think: Am I not as good as him?

It's still the same old saying: people are compared to each other!

When he was almost drunk, Gao Yang suddenly asked: "Senior brother, I have always believed that only innovation can quickly become bigger and stronger, do you have any tricks?"

"I don't have a clever plan, but I have a few immature ideas......"

"Tell me?"

"First, allocation. For example, 1:2, 1:3 and the like, as long as you do a good job of risk control, you will not die if you match 2 and 3. Second, variety. Excluding futures, is it also possible to consider external stocks? This project gives me the biggest feeling is to make quick money, the traditional method of eating fees is too slow, and earning financing interest is fast, how many people can have a monthly interest rate of 2 cents? Of course, this is all a side ball, can only make quick money, not for a long time, and it needs to be really innovative for a long time. ”

He explained, "I have a hunch that with the popularization of computers and the Internet, online transactions will be the mainstream in the future, and business halls and large offices will be eliminated one day." The advantage of networking is precisely the ubiquity...... If the senior brother can take the lead before the advent of the Internet era, the future will be limitless. ”

Gao Yang was very excited, he vaguely felt that he had caught a breakthrough, and immediately said, "This is a brilliant idea!"

Online trading is not new, and external trading is not new. If the external disk and the network are combined, and at the same time through informatization and financing for the run-in, the new century will enter a new field, once the business is expanded, the source of customers will be expanded, not only Qiantang, the surrounding cities, and even the surrounding provinces can rely on the network to carry out customer absorption, if this can not stand out, then it can really only buy a piece of tofu to die......