To be precise, the exchange rate system of the won is not a fixed exchange rate system in the traditional sense, and there is no limit point that forces the Bank of Korea to save it. But since the beginning of this year, the won has depreciated by more than 20%, which has put pressure on the South Korean bank, so it has to choose to bail out the market.

It's just that they overestimated their own ability, thinking that as long as they made a move, they could slow down or stop the continued decline of the Korean won, but they didn't expect that this happened to fall into the trap of international travel capital. These capitals, who are afraid of chaos in the world, hope that the Bank of Korea can take the initiative to show up, and then destroy the current Korean monetary system in one fell swoop by cutting flesh with a knife or thundering a thousand pounds.

Now, it looks as if their purpose has been achieved.

Although the financial reform plan discussed by the South Korean parliament today does not involve much in the foreign exchange market, the market is still keenly aware of the connection. In any case, this bill targeting the financial system will inevitably affect the performance of the won in the foreign exchange market, but those who hope that the bill will pass want to take advantage of this opportunity to give the won a breathing space, while those who oppose it advocate the complete deregulation of the exchange rate and other ways to solve the current dilemma.

In fact, even if the bill is passed, the Bank of Korea will no longer have more foreign exchange reserves to intervene in the market, which means that whether it is passed or not, the Bank of Korea will be forced to abandon its intervention in the foreign exchange market.

Park Xilai knew this, and all the rumors released before were to confuse the other party, but it was a pity that there was a deep throat lurking beside him. Leaked all his old books.

Since the South Korean parliament voted on the 17th to reject the South Korean government's reform plan to take over the financial industry, Park Hee-rae has begun urgent negotiations with officials of the Ministry of Finance and Economics, intending to expand the fluctuation range of the won, from the current 2.25% to 10%, and their internal estimate is to depreciate the won in place at one time within two days, so that the impact can be reduced as much as possible, which is conducive to them seeking more time to deal with it.

……

"What? That kid didn't even sell the won? ”

Hong Kong, Tianyu Fund Headquarters. Zhong Shi was listening to Andrew's work report. Now that the depreciation of the Korean won is imminent, he is in a good mood and can't help humming "Under the Lion Rock", but his good mood does not last long. I heard a message that made him extremely angry.

Li Zehai, who originally reached an agreement with him, did not sell the won spot in the market as promised. This annoyed him exactly. Because I know how awesome this kid will be in the future. Therefore, Zhong Shi did not hesitate to leave some good fate now, who doesn't want this kid to be so fucked up now, and after agreeing on the surface, he will go back on his word behind his back.

"Since he's missed this opportunity. That means he doesn't cherish this opportunity. To be honest, I really didn't expect it to be such a scene. Andrew, are you sure this news is reliable? After being annoyed for a long time, Zhong Shi sat down on the sofa chair, shaking his head and sighing, and he didn't know whether he sighed that he didn't know anyone or that the other party was too stupid.

Andrew said with a look of hatred and indignation: "The news is true. I just met with Liu Lunxiong's kid today, this guy is a person in their circle, and I heard Li Zehai say it himself. It is said that he is still laughing at you in that little circle! ”

Liu Lunxiong was shot while lying down, and he became a well-known "stock market sniper", and he became a so-called "kid" in Andrew's mouth, and he was definitely regarded as a joke when it was rumored.

"Really?" Zhong Shihu glanced at Andrew suspiciously, and found that his expression was serious, not like nonsense, and subconsciously frowned, saying, "Won't it?" The Li family's family style is not bad, how could they say such a thing? ”

"Nothing is impossible!" In order to prove that he was not talking nonsense, Andrew added fuel and vinegar vigorously, "Liu Lunxiong said, you are not famous in their circle at all, and not many people have heard of it, so these people will be suspicious of your suggestion, and Li Zehai can't make up his mind, so he will finally give up." ”

Zhong Shi nodded, what he said was somewhat credible, and he still understood the truth behind it, shook his head, drove these messy thoughts out of his mind, and said, "Liu Lunxiong? Interesting, like? Since he told you so, I wonder what he wants? ”

As a person who doesn't even have a relationship with himself, but deliberately reveals such a news, if it is for no reason, I'm afraid even a fool won't believe it. Regarding the intention of this Liu Lunxiong, Zhong Shi naturally wanted to ask for clarification, he didn't want to accept such a favor for no reason.

"Zhong Sheng, you are so amazing!" Andrew gave a thumbs up and praised him, and then said mysteriously, "This Liu Lunxiong suffered heavy losses in the previous stock market crash, and it is said that someone is now going to buy his listed company." He is now short of cash and cannot turn around, so he urgently needs funds to defend the company. ”

"Is it possible for me to help him?" Hearing this, Zhong Shi frowned and said with some displeasure, "What kind of listed company does he own, and how much capital does he need?" I'm not very interested in companies in general. In this way, Andrew, you are fully responsible for this matter, and taking out 100 million dollars should be enough, right? ”

A wry smile appeared on Andrew's face, and after being speechless for a long time, he said helplessly: "Zhong Sheng, you think too much. Liu Lunxiong just wanted to take advantage of our shareholders to make some capital, and he didn't intend to ask us for help. And even if we were willing to help him, he would not dare to open his mouth easily! ”

"Uh...... What is this for? Zhong Shi thought for a while, then patted his head and said, "So that's the case, he is afraid of driving the tiger and devouring the wolf, and he will be more ruthless." In that case, how many positions of won has he sold now, and he should have made a lot of money now, right? ”

Andrew took the opportunity to say: "It's not much, according to his own account, he sold about 50 billion won of short positions during this time, which is converted into more than 400 million Hong Kong dollars." It's just that he doesn't know anything about foreign exchange, so he doesn't know when to close his position. I think the reason why he revealed the news about Li Zehai was to let us help him at a critical time. ”

Zhong Shi nodded and said with a smile: "This guy is very clever, this time he is right." You go back and tell him that if you can sell short, try to sell as short as possible, and you have to be full in these two days. As for when to close the position, I will tell him as soon as there is any movement on my side, and it will be two or three months at most, and he will definitely not regret this investment at that time. ”

After thinking about it again, Zhong Shi continued: "In addition, you are responsible for releasing a rumor that the South Korean side has run out of ammunition and is about to stop supporting the Korean won in the foreign exchange market, and the era of the Korean won falling sharply is coming." The specific position of the position remains to be seen, and we will no longer provide relevant information on our side, and if they feel that they have reached their psychological level, they can close the position at any time. ”

"Okay!" Andrew said yes with joy, and walked away with a smile on his face.

……

After urgent consultations, the Bank of Korea and the Ministry of Finance and Economics finally reached an agreement to increase the fluctuation of the won to 10% per day, which in fact allows the won to float freely in the foreign exchange market.

When the entire market learned of the setback of South Korea's financial reform plan on the 18th, coupled with the Bank of Korea's announcement to increase the volatility of the won, the won immediately fell again, falling from 1008.60 won per dollar to 1012.80 won per dollar on the previous trading day.

Kim Yong-sam's government replaced his economic team on the 19th, Vice Prime Minister and President of the Academy of Finance and Economics, Kang Kyung-sik, resigned, and former Minister of Trade, Industry and Energy Lim Chang-yeol took his place. Kang Kyung-sik is considered to be the scapegoat for the Kim Yong-sam government to take responsibility for the current economic situation, but there is no one to pity him anymore.

Park Hee-rae has also been busy lately, on the one hand, he has to borrow up to $30 billion in loans from the Japanese side to meet short-term foreign debt, and the two sides are urgently negotiating that when the government has no other moves, the Bank of Korea can only redeem itself through its own actions. On the other hand, he frequently appeared in various financial media, loudly suggesting that the government should borrow at least $40 billion from the International Monetary Fund to alleviate the current financial crisis situation facing South Korea.

But Lim Chang-yeol, the new vice premier and president of the Academy of Finance and Economics, apparently disagrees, publicly declaring that South Korea does not need to seek assistance from the International Monetary Fund because the Republic of Korea is capable of resolving the crisis on its own. However, he also stressed that South Korea is willing to receive policy support from the International Monetary Fund. It means that it is enough for you to give us moral support, and material support is not uncommon for us.

In addition to openly playing against the governor of the central bank, Lim Chang-yeol also expressed the hope that international financial institutions will roll over the short-term external debt of South Korean companies, because as long as the Korean financial system has sufficient liquidity, the current financial crisis can be resolved.

Behind the wrestling between the two sides, the actual fuse is what Kim Dae-jung, the presidential candidate of the New Politics National Assembly Party, said in the National Assembly, and the current wrestling is not just a dispute over policies, but a question of who will come to power next, and the two sides naturally refuse to back down, and the won has become a victim of it.

The blatant confrontation between the finance minister and the central banker, who are in charge of the two major policies, has naturally caused great confusion in the market, and investors have lost confidence in it, and they do not know what to do. On the 19th, due to the uncertain policy outlook in South Korea and the serious trend of infighting, the Korean won in the foreign exchange market fell sharply, falling directly from yesterday's average price to the limit, hitting a new annual low of 1035.50 won to 1 US dollar.

On November 20, the won continued to fall, falling to a halt in just one hour, 1,139 won per dollar, once again hitting a new annual low, and in this week, the won has fallen by 13%, approaching the sum of the previous year's declines.

In the midst of the infighting, the Korean financial crisis broke out in full swing! (To be continued......)

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