The emergence of a large number of random selling orders caused the exchange rate of the Hong Kong dollar to plummet on major exchanges, and soon fell to around the psychological threshold of 7.75 Hong Kong dollars per dollar.

The Hong Kong government has a fixed exchange rate system that closely follows the US dollar. This is very beneficial to stabilizing the financial market and promoting the development of Hong Kong's economy. 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.

For several days in a row, the ratio of the Hong Kong dollar to the US dollar continued to decline, and Hong Kong's financial market was suddenly in turmoil for several months, with financial turmoil sweeping across Southeast Asian countries, funds everywhere, mourning everywhere, many middle-class people went bankrupt overnight, and the once wealthy and decent families turned into abject poverty and even debts in an instant. These bloody realities have struck the tense nerves of Hong Kong citizens from time to time, and they are already panicked and uneasy, for fear that such a bad luck will suddenly befall their heads. Mental endurance becomes extremely fragile.

As soon as the financial markets showed signs of collapse, citizens rushed to the major banks to run on their currencies and exchange their plummeting local currencies for US dollars.

The experience of Thailand and other Southeast Asian countries shows that the Hong Kong government will sooner or later be unable to resist the impact of powerful arbitrage funds and international funds, and will abandon the fixed exchange rate. In this way, the Hong Kong dollar wealth they have worked so hard to continue will shrink significantly. Therefore, everyone wants to rush to exchange money for dollars before the government gives up the fixed exchange rate in order to be insured.

As a financial city, the stability of Hong Kong's financial markets is crucial to the economy of the entire city. Maintaining a fixed exchange rate system is a guarantee of people's confidence.

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

The Hong Kong Monetary Authority (HKMA) reacted swiftly and forcefully, using a large amount of foreign exchange reserves, urgently entering the market, forcibly intervening, and accepting a large number of Hong Kong dollar selling orders, so as to stabilize the exchange rate above the psychological threshold.

As soon as the arbitrage fund was launched, the expert group paid close attention to the security of the situation.

However, the members of the expert group are all "old rivers and lakes" who have been through the storm for a long time, and they did not overreact to such a round of tentative attacks, and after deliberation, they made the same decision as Liu Jun and waited and saw what happened one by one! Because of the strong intervention of the financial management department of the Special Administrative Region, the expected results have been obtained. The exchange rate of the Hong Kong dollar began to stop falling and rebounded. The run on the door of the major banks has been temporarily eased.

However, only 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, and fell rapidly. The run on the run, which had just eased slightly, is re-emerging, and it is more intense than the previous one. The HKSAR Government had no choice but to deploy a large number of police forces to maintain continuity and urgently redeploy positions to cope with the run and avoid bank bankruptcy.

The battle became increasingly fierce, but Comrade Liu Jun never showed up at the Qiushui Hotel, and Qiu Qingchuan couldn't help but wonder. At such a critical moment, where did this benevolent brother hide?

This doesn't quite look like Yoo Jun's style. Secretary Liu sometimes behaves more individually, but he is by no means an irresponsible person. "Hey, Yoo Jun, where did you go?" Qiu Qingchuan couldn't help but dial Liu Jun's phone.

Liu Jun smiled on the other end of the phone, but what he said made President Qiu Daxing stunned Secretary Liu said: "I'm shopping, shopping with beautiful girls, and buying some small things." Whatever you want, I'll bring it back to you! ”

Qiu Qingchuan couldn't help but faint: "You cow!" ”

"What's the hurry. Haven't you watched the movie? In movies, the master is always the last to appear! As soon as he appeared, he killed all sides, and he was invincible in the world! ”

Secretary Liu is still very good, and he has been teasing President Qiu for a long time.

"Okay, you can buy me a diamond ring, one carat."

Governor Qiu is also a wonderful person, and he quickly regained his composure. Can you call this arrogant guy a pawn, F Liujun asked with a smile: "Okay, is it for Wenwen?" ”

"No, for my wife! When you come to Hong Kong, you always have to bring something back to make a difference. ”

Although across the phone line, Secretary Liu also gave a thumbs up and praised: "What a deep Qiu family Langjun, brother admires!" I can't respect it, this diamond ring is a gift I gave to my sister-in-law! ”

"Well, buy a two-carat one! President Qiu said with a smile. Secretary Liu couldn't help but hesitate. Sure enough, there are more strong players in the strong, and a mountain is higher than a mountain! Governor Qiu has a good approach! "Anyway, your kid has money, don't knock for nothing!" President Qiu's last sentence made Secretary Liu completely speechless. Careless dating! Despite his carelessness, Secretary Liu still kept his promise and bought a two-carat diamond ring for President Qiu, which was jeweled, and personally sent it to President Qiu to the Qiushui Hotel. It coincided with the Director General of the Monetary Authority of the Hong Kong Special Administrative Region Government Hao who came to pay a visit to the expert group. Secretary Liu also attended the meeting.

Director Hao was in a very heavy mood, his eyes were bloodshot, and it was obvious that he hadn't slept well in the past few days. It's no wonder that the neighbor's encounter is too shocking, and he can't help but be nervous.

"Professor Sheng, the situation is very critical now, I hope the central government can lend assistance Director Hao did not have many greetings, and quickly cut to the point, and said solemnly Professor Sheng looked at the deputy leader Quan Tianqing beside him.

Song Yaoqing bowed slightly.

The expert group's visit to Hong Kong was in fact fully authorized by Vice Premier Hong to directly mobilize huge amounts of foreign exchange reserves and intervene in the market. The central bank, on its part, has also received the same instruction and will give full cooperation.

Professor Sheng was about to speak, when Liu Jun suddenly raised his hand and smiled, "Professor, I want to say two words.

"Please!"

Sheng Dacheng said in a deep voice.

"Mr. Hao, I think that it is only a tentative attack at this time, and the main force of the international fund has not yet appeared. At this time, it is not advisable to expose our strength too early.

Liu Jun said calmly.

"Premature exposure?

Director Hao asked rhetorically, and it seemed a little unusual.

"Yes. I believe that this time against international funds, we should not be satisfied with just repelling their attacks. Instead, it should be dealt a heavy blow! Only in this way can they remember this teaching: "In the future, they will not dare to take action against Hong Kong's financial market again!" ”

Director Hao muttered: "What does Mr. Liu mean is to show weakness to others?

"Exactly!"

Yoo Jun smiled and nodded.

"A few days ago we should have been guarding the line and not rushing to fight back. When the international funds mobilize a larger amount of funds for an all-out attack, they will strike hard and crush them in one fell swoop, severely dealing with their fundamental strength. This will be very beneficial to the future development of Hong Kong. ”

Shanda Chengjiao asked with interest, "How are you going to fight back?" ”

Liu Jun smiled and said, "Needless to say, the reserve of funds is the fundamental means to ensure victory. As for technical measures, I suggest that the HKSAR Government may consider issuing a large amount of government bonds at an appropriate time to forcibly raise the interest rate of the Hong Kong dollar, so as to promote the appreciation of the Hong Kong dollar against the US dollar. In addition, it is also a common practice to sharply raise the interbank overnight lending rate and increase the transaction costs of speculators. Of course, at the appropriate time, it can also be used to unite with the central banks of many countries to exert pressure to deter the exit of small international funds and weaken the power of speculative funds. ”

Director Hao's eyes suddenly showed a look of shock.

As the head of the Hong Kong Counterpart Bureau, he naturally has a very clear understanding of the basic situation of the 11 members of the expert group. It seems that this young Mr. Liu Jun, the official deputy secretary of the municipal party committee of a provincial capital, is not a professional financial official. At that time, Director Hao felt very strange about Liu Jun's appearance in the expert group.

Such a young party official is completely out of step with the expert group's mission to Hong Kong.

Maybe it's a special arrangement. After all, Director Hao does not have a very thorough understanding of the mainland officialdom.

Unexpectedly, this so-called "expert" who appeared "inexplicably" was so familiar with the means of financial operations. And it is majestic and far-sighted. It seems that in the mainland officialdom, Dangkui is a hidden dragon and a crouching tiger! After a short period of consultation, the expert group and Director Hao finally accepted Liu Jun's suggestion to only defend conservatively for the time being, and not to make a comprehensive counterattack, showing weakness to others.

The next day, the Hong Kong Monetary Authority (HKMA) again used its foreign exchange reserves to intervene in the market, pushing the Hong Kong dollar exchange rate above the 7.75 mark again, barely holding on, and repelling the tentative attacks of international funds.

The development of things is almost exactly the same as Yoo Joon's prediction.

In late July, Soros's Quantum Fund took the lead and raised a large amount of money to storm the Hong Kong dollar again, making a large number of forward purchases of the Hong Kong dollar, preparing for a repeat of the glorious scene of the siege of the Thai baht. On the same day, the three-month forward premium of the US dollar against the Hong Kong dollar was more than 200 points, and the three-month interbank interest rate of the Hong Kong dollar soared. The Hong Kong dollar is in a hurry again.

In the operation room of the Qiushui Hotel, Liu Jun glanced at the market of various exchanges, showed a smile on his face, and said to Professor Sheng Dacheng: "Professor, the big fish has been hooked, let's shoot!" ”

Shandacheng also smiled and nodded.

Walking out of the operation room, Liu Jun took out the phone, dialed Huang Miaoqi, and simply said four words: "Attack on all fronts!" ”

With Liu Jun's order, a well-planned counterattack battle began in an all-round way.

The next day, the Hong Kong government announced the issuance of a large amount of government bonds, which raised the interest rate of the Hong Kong dollar, which in turn drove the exchange rate of the Hong Kong dollar against the US dollar sharply. At the same time, the Hong Kong Monetary Authority issued a verbal warning to two banks suspected of speculating in Hong Kong dollars, causing a group of Hong Kong dollar speculators to withdraw their funds immediately. The Hong Kong Monetary Authority (HKMA) has also raised short-term interest rates sharply, causing overnight lending rates among banks to skyrocket, and the transaction costs of speculative funds have skyrocketed.

Immediately afterwards, the central banks of China, Australia, Hong Kong Special Administrative Region, Japan and ASEAN countries held a meeting in Shanghai and issued a statement "Strengthening Cooperation to Jointly Combat the Power of Currency Speculation."

A flurry of blows, especially the massive buying that swarmed in! As a result, the exchange rate of the Hong Kong dollar against the US dollar continued to rise, and international speculative funds suffered heavy losses, and huge sums of money looted from elsewhere continued to flow into the pockets of buyers such as the Sheng Yip Consortium. Speculative funds had to withdraw from Hong Kong in disarray.

Counterattack wins!