"What about financial regulation?" After a long silence, Zhong Shi asked.

One of the researchers stood up, nodded slightly, and said, "Regarding financial regulation and government regulation, I asked the South Korean side carefully, and found that the country's financial regulation is simply non-existent. To be precise, when large companies need capital, they do not rely on the collateral of assets and good reputation, but on political power, such as prime ministers, presidents, etc. For example, the Daewoo consortium we met some time ago, their president, Kim Woo-jung, and President Kim Dae-jung have a very good personal relationship, and they often play golf together. In this case, not to mention the so-called review of the banking system, I am afraid that the next sentence from the presidential palace will be that many banks will rush to issue loans to the Daewoo consortium without considering the basic situation of their operations. ”

"More than 50 percent of South Korea's loans are given to large companies through political power, and when these large companies are over-indebted and their own growth is sluggish, the banks are in big trouble. Some time ago, Hanbao Steel is a living example, when Hanbao Steel fell into a crisis and could not repay the loan in time, the First Bank of Korea and the Bank of Seoul could only be forced to declare bankruptcy, this kind of credit system is not to say that there is no supervision, even if there is supervision, it is difficult to guarantee that similar incidents will not occur. ”

"Another problem is that almost 50% of the shares of large Korean conglomerates are controlled by foreign capital, which is very contrary to the South Korean side's clamoring for the development of national industries, but generally Koreans are in charge of these companies, and I think it is also because these Koreans are able to deal well with the top level of the government. Arguably. Foreign capital has made full use of South Korea's connections. ”

The close integration of politics and business is a common problem in East Asian culture, and there is basically no way to get rid of it. Later, a certain president of South Korea also committed suicide because of this.

Thinking of this, Zhong Shi sighed secretly in his heart. The South Korean president was a model of grassroots hard work, working hard to prepare for judicial exams as a construction worker, eventually becoming a lawyer and then devoting himself to the cause of democracy in South Korea, becoming a nationwide human rights lawyer. Later, he joined politics and finally became the president of South Korea after several elections. Reach the pinnacle of life. It was only later that he was trapped in a bribery scandal. The former president, who had a strong temperament, chose to commit suicide by jumping off a cliff, which caused a sensation in the world for a while.

After being silent for a long time, Zhong Shi came back to his senses and saw that the researchers were looking at him with strange eyes. I can't help but feel a little hot on my old face. He coughed lightly. "What about the macro aspect?" "What these people said before involves some macro aspects, but in general, there are more micro aspects.

"I'll tell you!" Ren Ruowei stood up and nodded slightly towards Zhong Shi. "When it comes to South Korea's economy, we have to mention the Organization for Economic Co-operation and Development (OECD)."

OECD is the Organization for Economic Cooperation and Development, referred to as OECD, is an intergovernmental international economic organization composed of more than 30 countries, its predecessor is the European Economic Cooperation Organization, originally established to coordinate the Marshall Plan for rebuilding Europe after World War II, and later evolved into an institution to jointly deal with the economic, social and government management challenges brought about by globalization.

At the heart of this organization is multilateral monitoring and parallel pressure through bilateral intergovernmental reviews to induce member States to comply with the rules or to carry out reforms. Put simply, it is an organization that sets the rules of the game in areas such as export credits, capital flows and foreign direct investment.

"The South Korean government joined the organization in 1996, last year, and according to the OECD, the South Korean government must ease restrictions on the free flow of international capital into South Korea, which has left the South Korean financial system with a large amount of foreign debt in a short period of time, and these external debts are all denominated in dollars."

"Of course, there is another argument that the South Korean government has restricted the consortium from obtaining loans from commercial banks since the 80s, and the consortium has no choice but to rely on overseas investment to support its high debt ratio, and they have used the opportunity of South Korea's entry into the OECD to lobby the Korean government tirelessly, and finally the Ministry of Finance and Economy has relaxed the restrictions on short-term foreign capital inflows."

"While the OECD is said to have only recommended that the South Korean side relax restrictions on long-term international capital flows, rather than short-term capital flows, the South Korean side has done the opposite and relaxed restrictions on short-term capital inflows. Of course, these are not the main points, the point is that due to the restrictions on short-term international liquidity, South Korea has accumulated a large amount of short-term foreign debt during the year, and the level of this external debt is simply staggering. According to the information fed back by South Korean brokers, according to their statistics, the total amount of short-term foreign debt owed by South Korea exceeds 50 billion US dollars, and this estimate still tends to be conservative, and the actual figure is probably unknown to anyone. ”

"What's worse is that South Korea's available foreign exchange reserves are definitely not as large as that. In other words, in the event of a depreciation of the won, it will be absolutely impossible to maintain the Korean currency by relying on the strength of the Central Bank of Korea. Ren Ruowei's face was serious.

After giving five minutes to digest, Ren Ruowei continued: "Another phenomenon worth paying attention to is that South Korea's balance of payments has reached 23 billion US dollars, which is last year's data, and I believe it should be more this year." In the face of this unbalanced trade surplus, the adjustment of the won exchange rate is extremely small, and it is believed that the central bank of Korea must be responsible for this, but this superficial intervention in the exchange rate will soon be discovered, and when the hedge funds find out, it will be the end of the won. ”

"Because of this, even though South Korea's GDP growth rate is close to 7%, the unemployment rate is below 2%, and the savings rate is as high as 34%, almost the market opinion believes that the currency crisis will not affect the Korean economy, but I can personally conclude that South Korea's exchange rate system has entered the field of vision of hedge funds, and in the foreseeable future, they ...... Or rather, we will strike a relentless blow to South Korea's exchange rate. ”

Ren Ruowei said categorically, and after finishing speaking, he looked at Zhong Shi. Seeing that Zhong Shi's face did not change in the slightest, he added another sentence cleverly: "I just don't know when the Dao is." ”

This sentence suddenly relaxed the atmosphere that was still a little tense, and the other researchers all woke up from their excited state just now, and laughed out loud one after another.

Jongseok wasn't smiling, he was thinking about how to use South Korea's financial system for greater profits, and at a time when it was impossible to borrow a large amount of won from a Korean bank. He vaguely remembered that the Central Bank of Korea only intervened in the market for a few days, and then gave up after finding that it was in vain, and then the won plummeted, plummeting from the average of 800 won to 1 dollar to 1,500 won to 1 dollar, a drop of nearly 50%. This depreciation was also extremely rare throughout the course of the Southeast Asian financial crisis.

How to build up enough positions before the arrival of international travel funds has become the focus of his current consideration. Based on the experience of later generations. Around the end of October, international investors will pay attention to the Korean market, and before mid-November, South Korea will be declared lost. In just ten days or so. That's amazingly fast.

Be sure to open a good position before them. Zhong Shi thought secretly.

"Since you are so sure, then let's prepare to attack the won!" A moment later, Zhong Shi, who had been silent, suddenly spoke.

"What?" Ren Ruowei's expression immediately became strange. He never imagined that just a small-scale research activity would make Zhong Shi make up his mind to short the won. "Let's stop thinking about it, although our view is that the won tends to be overvalued, but in just a few days, there should be other aspects that have not been estimated."

He had good intentions, but Zhong Shi was determined, and the rest was a matter of details.

"No need!" As soon as Ren Ruowei's words of persuasion came out, he regretted it a little, and during this time, he also faintly figured out Zhong Shi's psychology, as long as the helm opened his mouth, there was basically no room for reversal. Sure enough, Zhong Shi glanced at him lightly, and then said: "Since there are so many aspects that are not conducive to the Korean economy, even I can't find a reason not to short the Korean won." ”

"Jason, Denny, Chris, you are responsible for borrowing won loans from the South Korean side and selling them in the market, and the other people are responsible for the forward exchange rate of the won. The whole team is in charge of Ren Ruowei, and the relevant quotas and reports are handed over to my desk every day. This attack on the won is very capped in terms of positions, and I am here to reveal an amount, at least $5 billion. The time is set for about two months, and if the won has not depreciated by then, we will recover all the capital, and we will lose well. ”

Zhong Shi stood up, and without waiting for others to refute, he waved his hand and delineated the entire general plan. As soon as the researchers recovered from Ren Ruowei's humor, they heard that Zhong Shi had already made a plan to attack, and they were stunned by the speed at which they didn't say a word for a long time.

Ren Ruowei's face was stunned for a moment, and then he showed an ecstatic expression, if he could profit from this attack on Han won, it would undoubtedly give him the upper hand in the competition with Ma Jiarui. Even if the attack is not successful, the final loss will only be hundreds of millions of dollars in interest losses, if South Korea does not raise interest rates significantly.

Soon, the researchers reacted, and they all gathered up what they were in front of, and one after the other rushed out. They want to get into the work as quickly as possible, and questioning is not the best option for a subordinate, especially when the boss makes almost no mistakes. In less than half a minute, the entire conference room was empty.

Zhong Shi sat down again, looked at the conference room that was still full of people at the last moment, and said to himself with a complicated expression: "Too big to fail? Is it really too big to fail? Hum! ”

But before he could catch his breath, Zhong Yi walked in and said to him with a solemn face: "International travel capital has begun to attack Hong Kong, and this time it is definitely not a temptation." (To be continued......)

PS: Thank you book friend ANSENLV, Niu Xiaofan, the wind waiting for the mooring, laughing and forgetting, and allen_**w to vote for the monthly ticket! Thank you for the tip! Thank you for the evaluation votes of July Liuyan! Everyone's support is the author's motivation, I hope more book friends can support, thank you~