On September 26, 1983, China and Britain issued a communiqué on the fourth round of negotiations, which omitted the usual words "useful and constructive", and as a result, the entire market fell into unprecedented pessimism about Hong Kong's prospects, and almost all foreign businessmen refused to accept the Hong Kong dollar.

Even if the Hong Kong Association of Banks (HKAB) announces another increase in deposit interest, the one-year deposit interest will be raised from 7% to 10%. In addition, a spokesman for the Hong Kong government also said that it is formulating active policies to stabilize Hong Kong's exchange rate.

However, these did not work.

After all, it is the negotiations between China and the UK that play a decisive role, and no matter what policy the Hong Kong government formulates, it is not the most critical "overall situation".

Therefore, after all kinds of political information are over-read, it naturally releases a huge panic.

On 26 September 1983, the Hong Kong dollar fell below the HK$10.25 mark, which was lower than the historical low of HK$9.6 per US$1.

Lin Qi arrived in Shenzhen from Beijing, and then returned to Hong Kong from Luohu Customs in Shenzhen.

On the night he returned to Hong Kong, Lin Qi did an interview on his own Xingchen TV, in which Lin Qi affirmed: "If I remember correctly, in 74, 1 US dollar was exchanged for 5 Hong Kong dollars, and now 1 US dollar is exchanged for 10 US dollars." Many foreign businessmen refuse to accept Hong Kong dollar payments, probably because they are afraid that the Hong Kong dollar will depreciate and it is worthless, and I personally think that there is no need to worry so much, I believe that China and the United Kingdom will solve this problem. In fact, with my confidence in the Hong Kong economy and the assessment of the actual purchasing power of the Hong Kong dollar, the purchasing power of the Hong Kong dollar is far underestimated, and the exchange rate of the Hong Kong dollar is already very low at this time, so there is no need to panic and continue to accept unreasonable prices for other foreign exchange. Our new start-up company will not only not refuse to accept Hong Kong dollars, but we will definitely accept transactions in Hong Kong dollars. In addition, if you insist on not asking for US dollars in Hong Kong dollars, I will also give you US dollars, and the exchange rate is based on the current exchange rate...... It is hoped that Hong Kong businessmen, financial institutions and members of the public who are able to do so will exercise self-discipline and avoid a run on Hong Kong dollars as much as possible, and will not refuse to accept Hong Kong dollars...... We all have vested interests in Hong Kong's economy and currency, and Hong Kong's prosperity is related to the well-being of its 5 million citizens. Tonight, I hope everyone will act together to save the Hong Kong dollar!"

Night.

More than a million citizens tuned in to Lin Qi's TV interview program, and of course, there was a lot of controversy at the meeting.

"Does Lin Qi think he is the governor of Hong Kong?"

"Save the Hong Kong dollar? Fart, it is said that the new startup holds a bunch of dollars, and the salaries of its own employees are all dollars!"

"Lin Qi is the conscience of the Hong Kong business community, but what about other entrepreneurs and bankers?"

"If the Hong Kong dollar is not worth a penny, will Lin Qi compensate those who believe in him for their losses?"

However, the exchange rate of the Hong Kong dollar stabilized the next day, rebounding to the level of HK$9 per dollar. Prior to the resumption of the Linked Exchange Rate System in October, the real exchange rate of the Hong Kong dollar had stabilized, but foreign investors were not confident in the Hong Kong dollar and would not formally accept the Hong Kong dollar until at least after the implementation of the Linked Exchange Rate System.

Later, many people in Hong Kong said that Lin Qi's speech had an even greater influence on Hong Kong than the Hong Kong governor, and in the future, some people spread rumors, saying that Lin Qi was the godfather of Hong Kong's economy and the invisible governor of Hong Kong......

Even if Lin Qi couldn't laugh or cry, he said that he rarely interfered with the Hong Kong government, and was just an ordinary businessman, at most larger than other enterprises in Hong Kong. However, others are always suspicious, and there have always been conspiracy theories that Lin Qi is the mastermind of many secret conspiracies or policies.

……

Since September 27, the new entrepreneurship department has been reducing the US dollar and increasing the Hong Kong dollar reserves. Buy at least HK$100 million from the market and sell more than US$10 million every day.

After this practice was continuously publicized by the media, many people in Hong Kong firmly believed that it was Lin Qi who was saving the Hong Kong economy and the Hong Kong dollar.

Save the Hong Kong dollar, this is obviously Lin Qi bragging. The two major factors for stabilizing the Hong Kong dollar exchange rate are the US dollar reserves in the short term and the market confidence in the Hong Kong dollar in the medium and long term.

The Hong Kong government, HSBC, Standard Chartered and Bank of China all have US dollar reserves that are completely new start-ups.

In the short term, the Hong Kong dollar will be saved mainly by the big banks. In the medium to long term, the restoration of confidence in the Hong Kong dollar will mainly depend on the negotiation between the Chinese and British governments to reach a consensus on the future regime of Hong Kong. Though...... Before Hong Kong's return to the motherland, the most important thing is to determine the low-risk resumption of Hong Kong's sovereignty, and it doesn't matter what system Hong Kong adopts and what negative effects it will have in the future. No matter how bad Hong Kong is in the future, the loss will only be one city, and it will not affect the whole country.

Lin Qi said that he wanted to save the Hong Kong dollar, but in fact, he was just ready to buy the Hong Kong dollar.

When the Hong Kong dollar hit a new low, in exchange for some Hong Kong dollars, on the one hand, it was to repay the Hong Kong dollar debt and interest that was about to mature. In addition, it is a backhand to use the Hong Kong dollar exchange rate to bottom out and rebound, and make a little difference.

Although Lin Qi is not a professional financial speculator, he does not grasp the opportunity to make money, which is not in line with the entrepreneurial spirit.

That's right, entrepreneurship is to create value for the enterprise, and if it can create more benefits for the whole group, it should be grasped decisively. What's more, Lin Qi is not one of those gamblers who are neurotic, margin trading in the foreign exchange market, dozens of times, hundreds of times the margin, lose most of the property if it rises and falls by a few thousandths, and blow up the position when it rises and falls by one percent.

The stock market is relatively volatile, so most investors around the world, some do not use margin trading, and use 100% of their principal. Even if leverage is used, it is often accessed several times the leverage, so that speculators can withstand fluctuations of about 30%.

Many speculators in the foreign exchange market believe that the fluctuation is too small, so in order to expand the fluctuating yield, they have borrowed dozens of times and hundreds of times of funds to amplify the fluctuations of ups and downs. As a result, the speculative risk of the foreign exchange market is often not necessarily smaller than that of the stock and futures markets.

Especially with such crazy fluctuations in the Hong Kong dollar, not to mention hundreds of times leveraged speculation exchange rates, it is several times leveraged speculation, and mistakes in judgment have already blown up and jumped off the building countless times.

Lin Qi can imagine how miserable Hong Kong's speculators have been in the past 81 years, and after investors in the stock market lined up on the rooftop, investors who invested in real estate almost followed a similar path...... After that, even if you hold cash, damn it, the Hong Kong dollar has fallen from 5.8 to below 8, and there is no bottom in sight......

Therefore, the conservatism of the best practice, Lin Qi in the eyes of the business community, has been quite radical, for example, the Pangu host is so radical that it sells at a loss, and there is no gross profit at a penny, this practice is still quietly held in my heart, and I must not publicize that I am selling at a loss, otherwise, it will lead to anti-dumping lawsuits.

But compared with crazy financial speculators, Lin Qi is more restrained, even if he has more information than anyone else, he only dares to borrow through normal corporate credit, instead of finding institutions such as Goldman Sachs and Morgan Stanley to open foreign exchange speculation accounts to engage in complex speculation and gambling.

After all, the process of running out of bankruptcy is slow, and even if a failed entrepreneur goes bankrupt, it often takes several years from the moment of failure to bankruptcy. This procedure gives outstanding entrepreneurs enough opportunities to turn defeat into victory. However, the efficiency of financial speculation failure, liquidation and bankruptcy is instantaneous, far higher than the "efficiency" of normal business.

Large institutions are roughly equivalent to the global chain of casinos, providing tens of millions of gamblers to bet on the service. Sometimes the casino itself gambles, and there are times when it misses. For example, the subsequent bankruptcy of Lehman Brothers and the frenzied speculative financial derivatives of Deutsche Bank caused continuous huge losses.

In the long run, it is best for these financial institutions not to gamble on their own, but only to provide services to gamblers, so that even if the business is cold, it will only reduce income, and it is still a low-risk business. However, once the financial institution changes from a service provider to a gambler itself, then once the speculation fails, the negative impact on the society is far greater than the consequences of ordinary gamblers losing their bets.