In early December, Soros came to Bangkok, and in the past half a month, the Thai stock market has been unstable, and the trading volume is not very sufficient. Pen, Fun, Pavilion www.biquge.info Quantum Fund quietly opened a position in the spot market. At the same time, the short futures positions of the Thai index suddenly increased, and the short positions were held by foreign funds, among which the quantum fund had the largest position.

Attacking a country's currency, European and American bankers and speculators have long formed a set of theories, which can even be traced back to the middle of the 19th century. In the 90s of the 20th century, there was some change, but the difference was not much, except that the previous run on a country's gold reserves was changed to an attack on a country's foreign exchange reserves and exchange rate.

After the sniper war of currencies such as the British pound, the Mexican peso, and the French franc, they have long formed a set of theories. To attack the Thai baht, it is necessary to sell the Thai baht in the spot market with money borrowed from foreign banks, buy the Thai baht against the US dollar futures contract on the one hand, sell blue chips in the stock market on the other hand, and at the same time short the Thai stock market, and on the other hand, buy short futures and index orders in a big way.

This is an all-out three-dimensional battle on land, sea and air.

Soros used a combination of punches, spot, exchange rate, currency, stocks, futures and so on to attack in an all-round way, ready to knock Thailand down as soon as possible.

If the stock market wants to be short, it must first absorb chips, so international financial organizations such as Quantum Fund, international self-owned capital, and international speculators have made a lot of money and borrowing from foreign banks in the originally silent Thai stock market.

December 21, 1996 is the winter solstice in China, and it is a grand festival for those who are busy with farming. For Liu Si, December 21 is also a big festival. Because Chen Youhan finally informed Liu Si to go to Bangkok to sign and complete the loan agreement.

Although Soros and others had already raised Thai baht in the market early on, causing the market to be tight, they did not raise funds from local Thai banks in the early stage of raising funds in the stock market for secrecy, which also provided a premise for the smooth implementation of Liu Si's loan plan. Otherwise, how could several big banks such as Pangu Bank and Tekkyung Bank, which knew the urine of the quantum fund, raise 200 billion baht in loans to themselves.

Liu Si and his entourage hurried to Bangkok with a team of lawyers, and the mood of the second visit to Bangkok was naturally different, he was very happy, and he was about to go crazy with joy. Think about the 205.4 billion baht of nearly 9 billion US dollars, the most powerful thing about the Thai baht is that it has depreciated from the current 24.5 baht to 1 US dollar to 53~60 baht to 1 US dollar, almost more than 50% depreciation. And if Liu Dashao only converted more than 200 billion baht into US dollars, and waited another year to repay the loan in Thai baht, then he would be able to make nearly 4 billion US dollars.

Liu Si, who was in a good mood, rewarded 1,000 baht to the good-looking maid in front of her, and the maid was very grateful for this, "Mr. Liu, Mr. Liu, Mr. Chen is waiting for you upstairs." Due to the importance of this matter, several large banks such as Thai Bank, Bank of Kyoto, and Dacheng Bank have sent a senior executive, and Mr. Chen is entertaining them. Mr. Chen asked me to take him to say sorry to you! ”

"No wonder Miss can gain the trust of Mr. Chen, you have good ability. I'm optimistic about you! "It's boring in the elevator, and Liu Si doesn't mind joking with this girl.

"Liu Gongzi has won the award."

Chen Zhishen saw Liu Si and his party at a glance, and immediately stepped forward to greet him, "Young Master Liu, uncle, welcome to you." There are a lot of guests today, so my nephew will introduce them to my uncle and Liu Gongzi. ”

"I'm tired."

"This is the chairman of the board of directors of Ayutthaya Bank, Mr. Lee Chi Zheng Lee, in addition to Ayutthaya Bank, the Lee family has also invested a lot, including Siam Flour Mill, Ayutthaya Stack, Thai Radio and Television Co., Ltd. and Kyoto Cement Factory." Chen Zhishen pointed to a middle-aged man with glasses and a chubby man.

"Mr. Li is young and promising, and Ayutthaya Bank is famous all over the world, and he has admired him for a long time!"

"Liu Gongzi has won the award."

"In addition, the Wu family has a huge teak orchard, as well as industries such as export banks, sawmills, insurance companies and banks, and has companies or branches in Hong Kong, Shanghai, Guangzhou, Shantou, Meixian, Singapore, Indonesia, India, Cuba, South Africa, London, etc., and has also obtained bus franchises in parts of Bangkok."

"Mr. Wu, Jiu Yang, Mr. Wu's entrepreneurial spirit is worth learning from our younger generations."

"Liu Gongzi is polite, if grandpa knows that there is such an outstanding junior who admires his old man, he must be very happy."

……

Chen Zhishen introduced the bankers present one by one, among which there are a total of 8 banks, except for the Thai government-controlled Krung Thai Bank and the royal family-controlled Huishang Bank, the remaining six are well-known Chinese banks.

"Liu Gongzi, several of our banks have prepared 205.4 billion baht. If Liu Gongzi still wants to continue the loan, we can sign an agreement. Chen Zhishen, the host, had to speak first.

"Yes, just leave the loan agreement to my team of lawyers."

……

Bangkok Bank and seven other banks have been preparing for this for a long time, and 205.4 billion baht is not a big deal for several big banks. Nowadays, because of interest rate differentials, the Bank of Thailand is not less engaged in borrowing foreign dollars and yen with relatively low interest rates and converting them into Thai baht and then lending to domestic companies.

Of course, Bangkok Bank alone was able to borrow US dollars and Japanese yen at lower interest rates to lend to Liu Si, but Bangkok Bank did not do so. This is Chen Youhan's cleverness, worthy of being an old fox.

Why didn't Liu Si go to Thailand to borrow Thai baht with an interest rate as high as 8%~10% in Thailand instead of using the US dollar and yen, which are called high-quality assets of Microsoft's 24/49% shares, to borrow foreign dollars and yen. Although Liu Si didn't say it, he always felt that there was a problem, and the Bank of Thailand was unanimous with the outside world (here it refers to the unanimous efforts of several big banks to other Thai banks in the country that wanted to challenge their status), so Chen Youhan decided to give up nearly 600 million US dollars in interests and pull in Ayutthaya Bank, Kasikornbank, and Huishang Bank......

Lawyers on both sides checked the terms of the agreement one by one, and did not let go of any fish that might have fallen through the net. After the agreement, the final loan agreement between the two parties mainly includes the following clauses:

1. Party B mortgages 205.4 billion baht to Party A with 24.49% shares of Microsoft, with a loan term of one year and an annual interest rate of 8.34%;

2. Party A and Party B shall not break the contract, otherwise Party A will automatically obtain 24.49% of Party B's shares in Microsoft, and Party B will obtain Party A's 205.4 billion baht;

3. Party B's repayment after one year shall be in Thai baht, and Party A shall allow Party B to repay within two months after the expiration of the repayment period;

……

When the representatives of both sides, Party A Chen Zhishen, Li Zhizheng, Wu Wantong ...... When Party B's father Liu picked up the signature pen and signed his name on the agreement in duplicate. Everyone here laughed, Chen Zhishen and others believe that at least next year will increase profits by more than 160 billion baht; Liu Si smiled, and next year he will earn at least $3 billion.

At the reception after the agreement was signed, the guests of honor enjoyed themselves, perhaps because they were also Chinese, and they finally decided to remind Chen Zhishen, Li Zhizheng and several other Chinese bankers because they were both Chinese, and they had cheated on Chinese banks such as Pangu and Dacheng once. If possible, try to convert the assets in the bank into foreign currency assets such as US dollars and Japanese yen.

On December 22, 1996, Liu Si, who signed a loan agreement and received 205.4 billion baht, was finally able to short sell Thai baht in the foreign exchange spot market, and this will also ensure that he does not have to pay margin in September and December 97.

Liu Si used 50 times leverage, and within this month, he absorbed a total of 2 billion US dollars of Thai baht forward contracts, 1.4 billion US dollars of ringgit forward contracts, 1.7 billion US dollars of Indonesian rupiah forward contracts, 1.2 billion US dollars of Philippine peso forward contracts, 1 billion US dollars of Korean won forward contracts, 1 billion US dollars of New Taiwan dollar forward contracts, and a total of 8.3 billion US dollars of Southeast Asian currency futures forward contracts.

And because the leverage is too large, even the fixed exchange rate has a variable percentage, the Thai baht is 4%, the Indonesian rupiah is 10%, and other currencies such as the Philippine peso, the New Taiwan dollar, and the Korean won are all higher than 2% although the variable percentages are different. Liu Dashao, the forward contract he absorbed this month, has been called several times, about 400 million US dollars.

Liu Shengqiang absorbed nearly 40% of the $8.3 billion currency futures forward contracts in Southeast Asian countries, and to be honest, he was not satisfied, because the real deepening time of the Asian financial crisis was January 98, but unfortunately there are too few 98-year forward foreign exchange contracts in the current market.

Another year has passed, and many business reports, annual financial audits, tax registrations and other matters have plagued businesses around the world in December.

American companies Jeff and Daphne can deal with it without Liu Si worrying too much, and Jeff called to report the day before yesterday.

Among them, Liu Si is most concerned about the development of ebay, icq, and blogger, among which ebay has embarked on the road of rapid expansion after Meg Whitman joined with a share and an annual salary of $1 million, and the advertising effect in Yahoo for nearly half a year is obvious, and now ebay occupies nearly 70% of the Internet auction sites in the United States and the websites where Internet users buy and sell items. eBay is now preparing for a second financing, but the valuation has not been negotiated, so negotiations are currently in a tug-of-war.

ICQ has been released for more than two months, and the number of ICQ registrations has exceeded 700,000, you must know that 96 years is not at all the scene of the Internet in the city in later generations, there are only 50 million global Internet users in 96, and the broadband is not fast enough. This is mainly due to the fact that Weisge, Wadi and Goldfinger, who have received angel capital funds, are much more bold in promoting ICQ. Yahoo, AOL and other news media have more or less ICQ information on their pages.

Among them, blogger is even more because he is in Silicon Valley, USA, with his unique creativity and Silicon Valley and local media reports in the United States, the blog Xu quickly became popular all over the United States. Moreover, Jeff is not afraid of spending money, in the case of Liu Si guaranteeing that he can get it, the servers are all over New York, California, the Five Lakes region, the central and southern regions, plus the use of the Internet, news media promotion, in just over 20 days, it cost 20 million US dollars, and Liu Dashao was surprised by the amount of money. However, the news that its registered users successfully exceeded 1 million made him feel that the $20 million was worth it.

Speaking of foreign countries, domestic things really bothered Liu Si.

There is no credible person, and Li Junhao took refuge in the second generation, so he had to return to China to deal with the affairs of the domestic company himself. The important thing is that the second generation got the dividends of Brain Platinum in the second half of this year, about 500 million yuan, so they notified Liu Si to go back to discuss the establishment of Mengniu Dairy Company.

On December 25, a Boeing 737 flying from Singapore to Hong Kong took off into the sky like an eagle with wings outstretched.

It's a Christmas in the West!