"Why did the interbank interest rate increase? Didn't the HKMA buy Hong Kong dollars and deposit them in the bank?" Huang Zhan's face turned pale, "Answer Zeng Xinquan's call for me immediately!"

According to the HKMA's regulations, if the HKMA wants to buy back Hong Kong dollars in the foreign exchange market, it must buy them at a fixed exchange rate of 1:7.8 between US dollars and Hong Kong dollars.

Therefore, if the HKMA buys too much Hong Kong dollars, even without taking into account the depletion of foreign exchange reserves, the liquidity crunch caused by the shortage of Hong Kong dollars in the market alone could force the Hong Kong Interbank Offered Rate to soar.

Previously, the HKMA gritted its teeth and ate more than 30 billion Hong Kong dollars, and because Hong Kong implements a full real-time settlement system, all banks are not allowed to overdraft their settlement accounts on alternate days, and many banks no longer have sufficient Hong Kong dollars in their settlement accounts, resulting in a billions of Hong Kong dollars in interbank flows.

The Hong Kong dollar of international speculators is borrowed through various financial instruments, and most of them use the swap of US dollar debt and Hong Kong dollar debt.

The advantage of this is that there is no change in the US dollar debt and the Hong Kong dollar debt in the market, and it will not cause the exchange rate of the Hong Kong dollar to fluctuate during the accumulation stage, nor will it attract the attention of those who are interested.

What's more, the financial cost of doing so is minimal.

In layman's terms, the strategy of international speculators is to put the Hong Kong dollar chips they have absorbed into the market at the right time to suppress the Hong Kong dollar exchange rate, but because Hong Kong is linked to the exchange rate system, the exchange rate is pegged to the US dollar at 1:7.8. Heung Kong is an international financial center, one of the largest free ports, financial flows are unregulated, and financial institutions can only accept US dollars at a fixed exchange rate.

At this time, the only way is to raise the interest rate, after the interest rate increases, on the one hand, the cost of international speculators will rise, affecting their profits from shorting, so that they earn more interest that has not yet been paid, and speculators will naturally stop.

But the increase in interest rates is a fatal blow to the stock market, if the fundamentals are very good, it will be fine, but now the market is rumored, the increase in interest rates is a major negative news for the stock market, many investors will inevitably flee frantically, triggering a sharp drop in the stock market and futures market.

If you spread some negative rumors, such as the depreciation of the RMB, and then the expected medium-term profit decline of a certain big blue chip, the fall will definitely be even more ruthless.

At this time, international speculators have hoarded a large number of short stock index orders, because speculators use various financial instruments to package these short orders, no one knows when the real delivery date of these short orders is, as long as the delivery date, the lower the average cost of the stock index than their positions, the greater their profits.

A short contract on a stock index, if the market drops by one point, you can have a profit of 50 Hong Kong dollars.

Of course, if it rises by one point, he will also have to lose fifty.

Add a handling fee to that.

One of the most ingenious tricks in Zhang Chen's plan submitted to the Monetary Supervisory Commission was for the HKMA to eat up the short-sold Hong Kong dollars at the actual price of the sell order and deposit it in a designated bank.

In this way, the bank has Hong Kong dollars, and the interbank lending rate will not rise, reducing the downward pressure on Hong Kong stocks.

Of course, the current 15,000-odd points of Hong Kong stocks is indeed too high, and the price to prevent international speculators from making profits is a bit big, and it is not in the interests of Zhang Chen and Huaxia to maintain the current high index of Hong Kong stocks. Therefore, it is more prudent to let it fall before entering the market.

When Zhang Chen proposed this plan, it was July, he was very aware of the complexity of forming a sovereign fund, and he couldn't even build a shelf in three or four months, and the first wave of attacks by international speculators had already passed, and after a few months of preparation, the second wave of attacks by international speculators would come, and by then his layout in Rakshasa had been completed.

Even if there is no rakshasa, international speculators have no room for profit in the trading model, so they can only admit losses and retreat.

Rakshasa is just a tool to amplify the losses of international speculators, make them unable to recover in the short term, and disrupt the normal order of Wall Street.

But what Zhang Chen didn't expect was that there was such an unexpected factor as Huang Zhan, and he was so anxious to pick peaches. Under the impetus of the Huang family, Hua'an's skeleton was actually made within a month, and the international speculators have not moved, much later than Zhang Chen expected.

Therefore, Zhang Chen also retreated along the river, otherwise he could use the power of the Song family to keep his trading power.

Of course, if you don't raise interest rates, find traders and analysts who can skillfully use Zhang Chen's trading model, select stocks in strict accordance with the stock selection plan, improve the organizational structure, and have high employee morale, even if you enter the market now, it is still no problem to maintain the situation, but you will definitely not make any money, and maybe you will lose some money.

I can't eat hot tofu in a hurry.

Huang Zhan currently has none of these conditions, especially Liu Yuci's four stocks, which made Huang Zhan suffer heavy losses.

This level of confrontation affects the whole body, although this flaw is not big, as long as it is caught by Druckenmiller, it is basically doomed to the end of this battle.

Having said that, you can't blame Huang Zhan entirely. Even Zhang Chen did not expect the HKMA to come to such a stab in the back.

"Director Zeng, what the hell is going on? Why is the interbank interest rate rising? Isn't the Hong Kong dollar deposited in the bank?" As soon as the phone was connected, Huang Zhan's question sprayed at Zeng Xinquan like a cannon.

Zeng Xinquan's voice was a little low: "Mr. Huang, two days ago, the HKMA had absorbed 30 billion Hong Kong dollars into the designated bank, but today there have been some changes. ”

"What change?" said Huang Zhan urgently.

Zeng Xinquan sighed: "Before the market opened, the four major US securities banks, Da Mo, Goldman Sachs, Merrill Lynch, and Lei Man, submitted a letter to the chief executive, saying that the HKMA's absorption of Hong Kong dollars into banks violated the principle of free economy and the HKMA's own regulatory regulations. ”

Huang Zhan felt quite ridiculous: "What are you kidding? This is the Hong Kong government's own business, why should they intervene?"

Zeng Xinquan also held a dark fire in his heart: "These four major securities banks should have participated in this turmoil, and they are also one of the financiers behind the international speculators, we originally expected them to oppose it, but we didn't expect the opposition to be so fierce." ”

Huang Zhan's eyes widened: "Can't you even withstand this pressure?"

Zeng Xinquan said angrily: "If the four major securities firms really withdraw, the Hang Seng Index will be cut in half immediately! Your Huaan's funds will be completely trapped in it, do you understand!?"

Huang Zhan's momentum was stagnant, "Then what are you going to do?"

Zeng Xinquan suppressed his anger: "At least there must be a reasonable reason and excuse, if it really can't be done, you can only get the approval of the parliament to amend the management regulations of the HKMA." ”

Huang Zhan hurriedly asked, "How long will it take?"

Zeng Xinquan said angrily: "Do you think I opened the Xiangjiang Council? at least for a month or two!"

Huang Zhan jumped three feet: "Then how can it be done!? In order to save you Xiangjiang, Hua'an has invested 1.8 billion US dollars! Do you want to let so much money go down the drain!?"

Zeng Xinquan couldn't bear it anymore and hung up the phone with a snap.

————————————————

Huaxia Hotel.

"Affected by interest rate hikes and multiple negative factors, as of the lunch break, the Hang Seng Index plummeted 728 points, and some experts analyzed that the Hong Kong economy has reached an inflection point. ”

"It is reported that the RM currency is facing severe depreciation pressure, and the People's Bank of China has held a meeting for three consecutive days to discuss the depreciation of RMB。。。。。。 ”

"The Dow Jones fell 116 points yesterday。。。。。 ”

"Liu Si, Hua'an has nothing to do with me, right?" Zhang Chen glanced at the TV, and the TV station in Xiangjiang could be received here, and the news was very fast.

Liu Yunkai shook his head helplessly: "Anyway, this plan was also proposed by you, you can't see Hua'an trapped, right?"

Zhang Chen didn't seem to hear it, picked up a newspaper, flipped to the sports edition, and read it with relish.

Liu Yunkai persuaded hard for a long time, and seeing that Zhang Chen still did not react, he said angrily: "If the 15 billion US dollars in foreign reserves have three longs and two shorts, do you think you can stay out of the matter?"

Zhang Chen put down the newspaper and his eyes burned, "Liu Si, what do you mean?

Liu Yunkai was also anxious just now, he knew Zhang Chen's background, and he knew very well that with the protection of the Song family, Zhang Chen was not afraid of Huang Zhan at all, nor was he afraid of this threat. The decision to use Huang Zhan was also out of deeper considerations, the water was too deep in this regard, and Liu Yunkai did not dare to participate too much. (Originally, there was a plot, but I couldn't write it)

Liu Yunkai took a deep breath: "Zhang Chen, Mr. Zhang, I know that you have suffered a loss in Hua'an's affairs, but the overall situation is still important." ”

Zhang Chen said quietly: "Don't say that, I can't talk about losses, I can't be busy with my own affairs, Matrix's new products are about to be launched again, and several projects I have invested in have recently had a lot of things, so I can concentrate on dealing with them." As for what you're talking about, I really don't understand. There are too many capable people in the mainland and Xiangjiang, and many of them are much stronger than me, so you might as well ask them. ”

Liu Yunkai was choked by Zhang Chen for a long time and didn't speak, "You really don't help at all?"

Zhang Chen closed the newspaper and raised his head: "It's not that I don't help, it's that I can't help at all now." ”

Liu Yunkai frowned: "You are a pretext!"

Zhang Chen shook his head: "Let's put it this way, if Huang Zhan can find a top team of traders and carefully select stocks, even if the HKMA is forced to break its promise, it will not lose so badly." At this point, it doesn't make much sense to hold anyone accountable, so I won't talk about the past. At this point, what can be done is to immediately stop all transactions, stop losses immediately, and change the trader at the same time, straighten out Huaan's management structure and capital level, and prevent the next time international speculators attack Xiangjiang again in the same way, using Xiangjiang as an ATM. ”

Liu Yunkai's brows furrowed even tighter: "But what about the affairs of the HKMA? Amending the regulations to be submitted to the parliament for approval is not something that can be done at once. ”

Zhang Chen remained silent: "This matter is actually easy to do." ”

Liu Yunkai came to his senses, leaned over and said, "What do you say?"

Zhang Chen smiled: "If this idea is spoken, it is not worth much." And...... ”

Liu Yunkai pricked up his ears: "And what?"

Zhang Chen said with deep meaning: "Moreover, don't you think it's a good thing for the above to let Xiangjiang fall first? You should remember that in my original plan, I put the main battlefield next year." ”

It's still 3,000 words

(End of chapter)