Hong Kong.

Jushi Capital Headquarters.

Zhao Jiangchuan was watching a thick stack of photos in his hand.

The photos were taken very clearly.

It's so clear that you can see the meaning of the words in the background.

Dozens of photographs taken near major banks in Thailand.

Bank of Thailand, Bangkok Bank, Standard Chartered Bank, Fuji Bank...

As long as there is a bank in Thailand that has foreign exchange business, they have been photographed from different angles.

The angle is well grasped.

In addition to the long queues in front of the banks, the signs of the major banks can also be clearly seen.

After Zhao Jiangchuan casually flipped through it, he shouted towards Ouyang Lan who was not far away.

"Little money fans, send these photos to those media. Well, don't forget to ask them for information fees, this is first-hand information. ”

“...”

Ouyang Lan was speechless.

As Zhao Jiangchuan's woman, she doesn't know anything.

But now, this guy doesn't even let go of the information fee for the photo.

And that's not all.

Among the media that Zhao Jiangchuan said, Jushi Capital is also one of the major shareholders.

I'm afraid it's called a fly, although it's small, but it's also meat!

Ouyang Lan rolled her eyes and went out.

Zhao Jiangchuan smiled, picked up the phone on the table and dialed it out.

Three seconds later, the call was answered.

"Boss. ”

Zhao Jiangchuan casually grabbed the cigarette on the table and lit one, and took a deep breath before speaking.

"Liu Qiang, the feast can begin. ”

Singapore.

Jushi Capital Trading Department.

After Liu Qiang hung up the phone, the muscles on his face jumped a few times involuntarily.

After waiting for so long, it's finally time for the harvest.

"In the New York market, short selling 30,000 lots in..."

"Chicago market, close all our long positions in batches... Second, add 10,000 empty lots in the Chicago market..."

"Little four, clear the 20,000 long positions in the Singapore market, and add 20,000 short hands to the backhand..."

Traders in the global forward FX market are finding that the Thai baht has changed.

On the handicap of the US dollar to the Thai baht, the price of the Thai baht was smashed from 23.288 to 23.588 in an instant.

Before traders could react to what was going on, there was a rush of short selling contracts on Thai baht-related contracts on major exchanges that could not be counted by the naked eye.

Three seconds.

The total transaction value is 300 million US dollars.

Driven by a large amount of money, the baht was bombed from 23.288 to 23.999 at a vertical line of 90 degrees.

......

Bangkok, Office of the Governor of the Bank of Thailand.

Sonny yelled angrily on the phone.

"Damn it, you idiot, who told you to do this, you know what that means, you bastard. ”

Around noon.

Sonny receives a call from a commercial bank.

The person in charge of a branch said that early this morning, a large number of customers poured into the bank asking to exchange the baht in their hands into US dollars.

After receiving messages from multiple branches in a row, Sonny instinctively sensed that something was wrong.

The sudden appearance of so many people exchanging dollars in major commercial banks is definitely a conspiracy.

Sonny's response was swift.

He immediately arranged for people to go to major commercial banks to investigate.

As the governor of Sonny's central bank, the amount of energy that can be mobilized is enormous.

After receiving the order, the relevant personnel of the bank and the personnel of the government agencies all went to investigate the ins and outs of the whole matter.

In normal times, it may be very difficult to catch a thief.

But at such a critical time, all those who received the order did not dare to slack off.

In just two hours, investigators were able to find the source of the incident.

There was a man named Ananda, the promoter of this incident in the Sathorn area.

But Sonny never expected that Superintendent Nitiwa, the person in charge of Sathorn who investigated the matter, used his authority to openly arrest Ananda.

Sonny was barely when he received the news.

Thailand is a free market country.

Completely free flow of capital has been fundamental to Thailand's development over the years.

Some time ago, in order to deal with the attack of international capital on the Thai baht, Sonny had to carry out the plan to break the kettle.

Later, he regretted it for a while.

Because, the use of coercive administrative intervention to force capital is no less than drinking water to quench thirst.

In absolute interests, even the most powerful power cannot fundamentally interfere with the flow of capital.

The coercive executive order of the Cauldron Destruction Plan has lost the credibility of the government.

Currency, on the other hand, is the embodiment of sovereign credibility.

The Thai baht is stable, but once the baht is shaken, those capitals that have been forced to bear the loss of interests will definitely flee from Thailand at all costs.

So, when Sonny heard that Superintendent Nitiwa had openly arrested Ananda, he almost didn't go mad.

Judging from the information that has been passed on, Ananda is just a small role abandoned by the people behind this incident.

And in the legal process, Ananda did not violate the law on its own.

It was reasonable for him to go to the bank to handle the exchange business.

No one is qualified to arrest a person who conducts foreign exchange business normally.

Now, there has been a run on the major banks.

This kind of run has happened in all free-market countries around the world.

But there are not many good ways to deal with this run.

The only way to deal with this is to mobilize a large amount of cash to accept it in the past.

As long as there is abundant cash flow, and through the reassurance of the media and public figures, it is still possible to solve this run.

The arrest of Ananda by Superintendent Konitiva is bound to increase the level of public panic.

If the panic is uncontrollable, all Thai banks will be dragged down by a run.

No bank can accept an unlimited run.

Not even the Bank of America.

"Bell bell bell..."

As Sonny yelled at his subordinates, another phone on his desk rang sharply.

"Hey, what are you talking about, damn it. ”

Sonny didn't care about scolding his subordinates anymore, he hung up the phone and rushed all the way to the market trading department in the bank.

"Tony, what's the situation. ”

"It's not good, in the spot market, suddenly a seller threw out a sell order of more than 3 billion US dollars, and we are doing our best to take it, but judging from the actions of the other party, this time it is menacing. ”

"Did you find out where the sell order was dropped? ”

"It's... It's Boulder Capital. ”

"How is this possible, how can it be Jushi Capital. ”

Sonny was stunned.

Not long ago, when international speculators attacked the Thai baht, Sunny discussed with his subordinates the largest holder of the baht position in the market, Jushi Capital.

Judging from the long-short cross-position of Jushi Capital, the purpose of Jushi Capital is not to take the initiative to attack the Thai baht.

It seems that it is doing a kind of conventional hedging of hedging.

This kind of capital is probably a means of risk defense in the face of the uncertainty of the Thai baht.

And judging from the final result, this judgment is not wrong.

When the price of the Thai baht fell from 23 to 26, the position of Boulder Capital shifted to the long side.

Standard Chartered Bank, a subsidiary of Jushi Capital, has taken over a large amount of Thai baht in the Hong Kong market, and Jushi Capital's position in forward markets such as Singapore has more than doubled the size of short positions.

Judging from this kind of futures and spot cross-hedging positions, Jushi Capital is a veritable hedge fund.

And those international capitals with the name of hedge funds are like sharks desperately betting on attacking and suppressing the Thai baht.

But now, how could Jushi Capital suddenly adjust its strategy to suppress the Thai baht.

"Governor Sonny, come and take a look. ”

Just when Sonny was still at a loss as to why other international speculators had retreated, Jushi Capital was selling the baht, and a staff member in the marketing department hurriedly shouted at Sonny.

Hong Kong Local Finance Channel.

The host introduces a special guest with a smile on his face.

"Today, we are fortunate to invite Mr. Li Dacan, the chief investment consultant of Jushi Capital, and you may not know Mr. Li Dacang very well.

In the mainland, Mr. Li Dacang has a very large influence, he is known as a clear stream in the contemporary financial world, and has repeatedly publicly warned of market risks at market critical points.

And Mr. Li Dacang can be qualified for the position of chief investment advisor of Jushi Capital, I think everyone probably has a reference for Mr. Li Dacan's ability.

Last year, Jushi Capital acquired Standard Chartered Bank in one fell swoop.

In the 96 fund rankings, several funds such as Jushi No. 1, Jushi No. 2, and Jushi No. 3 under Jushi Capital beat Jones, Tiger, AllianceBernstein, Quantum and other famous funds.

Its total annual return reached 56 percent, which is very rare in financial history.

Ranked first in the world.

The fund under Jushi Capital can achieve such a terrifying record, which is inseparable from the contribution made by Mr. Li Dacang.

Mr. Li, can you share with us your experience in investment, why you have always been able to capture the most sensitive position in the market, and why Jushi Capital has achieved such a rare record in history. ”

"Host, don't praise me, I'll be embarrassed to praise me like this. ”

"I didn't expect you to be so funny, Mr. Li, but I'm not boasting but stating a fact, everyone can see the income of Jushi Capital's funds, as the chief investment adviser of Jushi Capital, I think your existence must be irreplaceable.

I have heard that even the credit default swap contract signed by Jushi Capital when it was able to acquire Standard Chartered Bank had your suggestion from Mr. Li, but I don't know if there is such a thing. ”

"Actually, the credit default swap between the company and Standard Chartered Bank is mainly due to the wisdom of the boss, and my role is only a little insignificant. ”

"Haha, Mr. Li, we all understand what you said. I think the audience in front of the TV understands what you mean.

However, what we want to know most now is what drives you to make a judgment that Thai property prices will decline, I wonder if you can share your analysis in this regard, Mr. Li, which may be of great help to many investors in their analysis of the future. ”

"Well, it's actually very simple.

Thailand's economy started back to about 1976, at that time, due to the economic weakness of the European and American markets, Thailand's low labor costs and cheap raw materials attracted global investors.

But we Chinese people have an old saying that says.

The extremes of things must be reversed, and the extremes of prosperity must decline.

Three years ago, the U.S. economy, which had been stagnant, showed signs of recovery, and by 1994, the U.S. economy was able to see a marked improvement.

That's why the Fed has raised interest rates continuously from '94 to '95 in order to curb inflation.

In the past two years, the dollar has also risen from a low of 70 to a recent high of 79.

There is only one reason for the strength of the dollar, and it is the increase in demand for the dollar.

This can also be said to be a decrease in demand for other currencies.

In our team's survey, we found that the most severe capital outflows were from Southeast Asian market countries.

We said before that prosperity must fall.

Emerging market countries led by Thailand have experienced rapid development for 20 years, while the old capital countries of Europe and the United States have experienced a period of economic downturn of more than 10 years.

In economic theory, this is called economic cyclicality, which is an economic law that cannot be violated.

Therefore, when I found that there were signs of capital outflow from Thailand, I made a judgment that Thailand's economic development had temporarily reached a bottleneck. The recession of assets is inevitable.

In fact, these things can be found by everyone as long as they look closely.

The United States experienced a Great Recession that year.

Japan has also entered a long recession cycle after the bursting of the economic bubble in previous years.

The world's largest and second largest economies cannot avoid this cyclical pattern, and Thailand naturally cannot avoid this economic law.

Well, it's not the law that can be broken.

These combined reasons are the main reasons for the decline of the Thai real estate industry. ”

"Mr. Lee, are you saying that you are not optimistic about Thailand's economy in the next few years?"

"Well, that's true. A country's economic recession is always accompanied by several very special signs. For example, a stock market crash, a real estate crash, currency depreciation, and so on.

Take Japan, for example.

After the bursting of the economic bubble in Japan, the Japanese stock market has experienced a bear market for six years, and the property price in Tokyo has fallen from the lowest of 30 million yen to only be able to buy a pair of cowhide shoes, and the yen has naturally entered a downward cycle.

Coincidentally, Thailand's stock market has fallen from a peak of 1,798 to 440 points, and property prices have fallen by more than 50 percent.

It is believed that it will not be long before the Thai baht will enter a downward channel like the yen and the US dollar. ”

“......”

The TV show continued.

But Sonny, who was in front of the TV, already had an urge to smash it.

He hated the face on TV.

The face with a pair of gold-rimmed glasses and a lewd smile on his face that made people disgusted at first sight.

Sonny has never been as disgusted by just seeing a face as he is today.

He always thought that he was not a person who judged people by their appearance.

But all this was broken by the obscene young man on TV.

Damn megalith capital, damn Lee cannon.

You are openly challenging the whole of Thailand.

"Boom..."

Sonny clenched his fist hard.

He took a deep breath and picked up his phone to dial a call.

The call was quickly answered, and Sonny suppressed his anger.

"I'm Sonny, and I'm going to see Prime Minister Chawari. ”