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Feeling that he was almost finished, Liu Ningqiang got up from the pool, wiped it indiscriminately, and was about to go back to the room, when he saw Ge Hongrui hurriedly coming over, his face was a little solemn, and he seemed to be nervous and anxious. Pen & Fun & Pavilion www.biquge.info

"Director Ge, is there something wrong?" Liu Ningqiang hurriedly asked, slightly surprised in his heart. As the chief financial adviser of the Central Committee and the State Council, Ge Hongrui is very dignified and calm on weekdays, and he is not impatient in doing things, and he has the bearing and demeanor of a scholar, but what happened to him today, can he be so out of shape?

Liu Ningqiang seemed to have a faint sense of consciousness in his heart.

"Governor Liu...... Yes...... There is movement......" Ge Hongrui seemed to be in a hurry, and he was out of breath when he spoke: "Soros and international speculators have ...... hands"

"Well, it's finally here! What's the situation now? Liu Ningqiang's eyes flashed with excitement. After holding it for so long, it's better to finally see the real chapter than to suffer in waiting.

However, apparently Ge Hongrui was not as excited as him, his brows were furrowed, and he said in a deep voice: "Just like when the Thai baht was sniped, the Hong Kong dollar has been sold off a lot, and the ratio to the US dollar is falling rapidly. ”

Liu Ningqiang didn't care about changing his clothes, waved his hand, and said, "Let's go, go back to the room, and immediately notify everyone to come back for a meeting." ”

The situation is indeed dire. Completely different from the first exploratory offensive in August, this time, it seems that the "quantum fund" and a large number of surging international speculators are relying on the abundant funds, and they have not left any hands, and all of a sudden it is a sharp punch, and the emergence of a large number of selling orders has caused the Hong Kong dollar exchange rate of the major exchanges to plummet, and soon fell to around the psychological mark of 7.75.

The Hong Kong Island Government has implemented a fixed exchange rate system closely linked to the US dollar, which is very beneficial to stabilizing the financial market and promoting Hong Kong's economic development. Over the years, the exchange rate of the Hong Kong dollar against the US dollar has been relatively stable, and this exchange rate has become a barometer and reference for the stability of the financial market.

Thus. The continuous decline in the exchange rate of the Hong Kong dollar against the US dollar has caused chaos in the financial market on Hong Kong Island.

A few months ago, the financial turmoil swept across Southeast Asia. Many middle-class people went bankrupt overnight, and the once wealthy and decent families turned into abject poverty and even indebtedness in an instant. These bloody realities have from time to time struck the nerves of the people on Hong Kong Island, which had long been tense. With the painful lessons of these close neighbors, the citizens of Hong Kong Island are like frightened birds, already panicking. For fear that the same bad luck will befall him, his psychological tolerance will become extremely fragile, and even some plants and trees will be soldiers. As a result, as soon as the financial markets showed signs of collapse, citizens immediately became chaotic and rushed to the major banks to run on the Hong Kong dollar, which was plummeting, for dollars.

The experience of Thailand and other Southeast Asian countries shows that they are under the impact of powerful arbitrage funds and international funds. Sooner or later, the Hong Kong Island government will become unstoppable and abandon the fixed exchange rate. In this way, they have worked hard to accumulate savings. It will shrink dramatically. Therefore, everyone wants to hurry up and exchange their coins for dollars in order to preserve their value.

For the first time since the implementation of the fixed exchange rate, the Hong Kong dollar has been in a hurry.

As a financial city, the stability of the financial market on Hong Kong Island is crucial to the economy of the entire market, and maintaining a fixed exchange rate is to maintain people's confidence. The Hong Kong Island Monetary Authority (HKMA) reacted swiftly and, under the coordination of the expert group, mobilized Hong Kong, Chinese and British investors to enter the market urgently, forcibly intervened, and accepted a large number of Hong Kong dollar selling orders. Fight against your opponent.

As a result of the strong intervention of the SAR government, the Hong Kong dollar exchange rate began to stop falling and rebound, and the run on the doors of major banks was temporarily eased.

However, just two days later, a larger number of selling orders poured into the market, and the Hong Kong dollar exchange rate fell below the psychological barrier of 7.75 in one fell swoop. Rapid decline. The run on the government, which had just eased slightly, reappeared and became more intense than the previous one, so much so that the SAR government had to dispatch a large number of police forces to maintain order and urgently allocate positions to deal with the run and avoid the collapse of banks.

However, just when the SAR government and the expert group mobilized about 100 billion Hong Kong dollars to invest in the foreign exchange market to stabilize the exchange rate of the Hong Kong dollar, the stock index fell sharply at this time. The Hang Seng Index fell sharply from 10,000 points to 8,000 points and headed for 6,000 points. Speculators took the opportunity to spread rumors, threatening that "the renminbi cannot withstand it and will soon depreciate by more than 10 percent," "the Hong Kong dollar is about to decouple from the US dollar and depreciate by 40 percent," and "the Hang Seng Index will fall to 4,000 points." The "tear down" trend is shocking.

At this time, everyone suddenly realized that Soros and international speculators were only attacking the Hong Kong dollar on a superficial level, not only aiming to make a profit on the exchange rate of the Hong Kong dollar, but also adopting a comprehensive strategy to benefit from the stock market and the futures market, and the stock market and the futures market were the real main targets.

The Hong Kong dollar implements a linked exchange rate system, which has an automatic adjustment mechanism and is not easy to break. However, the Hong Kong dollar interest rate is prone to a sharp rise, and the sharp rise in interest rates will affect the sharp decline of the stock market, so as long as you sell short in the stock market and futures market in advance, and then borrow a large amount of Hong Kong dollars from banks, so that the Hong Kong dollar interest rate rises sharply, causing the Hang Seng Index to plummet, you can make speculative profits as in other countries. Soros and international speculators once again sniped at the Hong Kong dollar through hedge funds to push up the interbank interest rate and interest rates, and when the Hong Kong government took measures to raise interest rates sharply in response to the sniping of the Hong Kong dollar, the stock sentiment weakened, and people were worried that the sharp rise in interest rates would push down the stock market and the property market. As a result, people in the stock market panic and panic sell stocks, and speculators can close their short positions and make huge profits. In other words, even if they have failed to return to the Hong Kong dollar exchange rate, or even suffered a small loss, they have made a lot of money in the futures index market.

While depressing the Hang Seng Index, international speculators have accumulated a large number of short positions in the Hang Seng Index futures market. For every 1-point drop in the Hang Seng Index, you can earn HK$50 per short contract. In the 19 trading days of this short battle, the Hang Seng Index fell sharply by more than 2,000 points, and each contract can earn more than 100,000 Hong Kong dollars, which is jaw-dropping.

What do we do now? The voice was not loud, but it was difficult to hide the confusion in it.

Speaking was Fan Xiangchen, chief executive of the Hong Kong Island Monetary Authority.

His mood was very heavy, and his face was also gloomy. His eyes were bloodshot, and he had obviously not slept well for the past few days. It is no wonder that Hong Kong Island's financial market has been sniped by international funds and floating funds led by the "Quantum Fund" and has almost reached the brink of collapse.

This is not the HKMA, but the room of the expert group on the 38th floor of the Lam's Consortium International Hotel on Island Hong Kong. In addition to Fan Xiangchen, there were also Liu Ningqiang and Ge Hongrui, the chairman and deputy leaders of the expert group.

As expected by a media in the outside world, the expert group and the Hong Kong government set up a temporary operation room in the hotel, equipped with the most elite traders on Hong Kong Island, and established a small but capable trading team for the command and use of the expert group. This is the headquarters of Hong Kong Island's fight against the "quantum fund" and international speculators, and all the instructions are issued from here, and hundreds of billions of Hong Kong dollars of funds are also subject to the deployment here, active in the foreign exchange market on Hong Kong Island, facing these crazy international speculators, and defending the financial order of Hong Kong Island.

The room was full of smoke, and everyone's mood was very heavy, smoking, their faces were very ugly, and even so gloomy that they could almost wring out water.

Although hedge funds are often constrained by the traditional practice of the Hong Kong island's financial regulatory authorities -- raising short-term loan interest rates when they attack the financial market on Hong Kong Island. It has been proven that raising short-term lending rates will increase the cost for speculators, who usually borrow Hong Kong dollars from Hong Kong Island banks and sell them in overseas markets. By "coercing interest", the Hong Kong government easily cut off the grain and grass of international speculators, making them unprofitable, but paying huge amounts of interest. However, when speculators hit the financial market on Hong Kong Island this time, the biggest difference from the past is that the speculators did not carry out spot lending activities, but hoarded a large amount of Hong Kong dollars in advance, so that the Hong Kong government's "interest hijacking" measures did not play their due role.

Moreover, the side effect of raising short-term loan interest rates is becoming increasingly apparent, and it is too lethal to the stock market and property market. A fall in the Hang Seng Index to 6,500 points would be the minimum that the banking system can afford. According to experts' analysis, if the stock market and property market fall further sharply, banks will inevitably sell off a large number of relevant collateral assets when they have no choice, thus setting off a vicious wave of sell-off in the stock market and the real estate market, and some small and medium-sized banks may even face the fate of bankruptcy because of too many bad debts. Once a bank begins to fail, the banking system on Hong Kong Island is bound to suffer a fatal chain blow.

If the Hong Kong government does not "coerce" the speculators, they will take the opportunity to borrow more Hong Kong dollars in preparation for a bigger impact next time. If the Hong Kong government "coercions" the speculators' scheme, it will succeed immediately. Therefore, in this dilemma, the expert group and the Hong Kong government had no choice but to rely on their abundant foreign exchange reserves to fully accept the Hong Kong dollar sold by speculators in large quantities, so as to maintain the linked exchange rate and the foreign exchange market. However, under the influence of high interest rates, the economy has paid a high price, interest rates have remained high, the stock market and the property market have fallen sharply, and the economic vitality has been greatly damaged. In just 19 trading days, the Hang Seng Index and the Futures Index fell by more than 2,000 points, and international speculators won a big victory, arrogantly calling Hong Kong Island their "super cash machine" and declaring that Hong Kong Island would be defeated. (To be continued!) ~！