In the evening, when the staff of Tianyu Fund came to the in-house restaurant, they were surprised to find that there was caviar and Australian lobster on the menu today, which surprised them. You must know that although these two things are supplied from time to time, the quantity is not very large, one is that the ingredients are expensive, and the second is that the freshness time is short, so the frequency of appearing in the restaurant is only once every half a month.

The most remarkable thing is that today the supply of both foods is so abundant that everyone has a share, which makes even those who come after it very happy. As soon as they were seated, they eagerly ordered these two dishes first, and then paired with a few other dishes, and when the fragrant caviar and juicy lobster were served, these people ate almost regardless of the image, and some even abandoned the knife and fork, and grabbed the lobster with their hands and bit it.

The waiter in the inner area standing on the side was a little embarrassed, and deliberately coughed lightly twice, trying to remind everyone to pay attention to the etiquette of the meal, but most of the researchers just looked up at him, and then continued to eat and drink without the slightest restraint. The waiter could only sigh and turn his head silently.

This is a four-and-a-half-star high-end restaurant selected by professional food magazines, and many diners from Kowloon Island and the New Territories are waiting outside the door, if they are allowed to see such a group of gobbling up and no grace here, the golden signboard that has always been known for its elegant style and outstanding taste will be completely smashed! The waiter thought silently in his heart. Luckily, the inner and outer areas are completely separated, and outsiders can't enter. Therefore, there is no need to be afraid of being seen by outsiders.

The waiter had been working here for more than half a year, and on his first day of work, he had been so desperate as to turn out the researchers who he didn't know anything about politeness and rules that he had turned into a joke. Later, acquaintances told him that the restaurant was originally opened to satisfy the appetite of the researchers, and then slowly evolved into the current situation. After knowing the truth of the Dao, the waiter no longer dared to take it in front of these people, even if his heart was full of infinite contempt.

"Chris, what do you think will happen tonight?" After filling their stomachs a little, the researchers began to talk about the market at night, and Ma Jiarui and Ren Ruowei, who were high-level people, were no exception. The two of them ate a little bit more gently. It's not like the researchers under him gobble. At this time, Ren Ruo wiped his mouth with a dining cloth, picked up the white wine in his hand, and took a sip before frowning and asking Ma Jiarui, who was bowing his head and contemplating.

"Huh?" Ma Jiarui raised his head blankly. Look at Ren Ruowei on the other side. After Ren Ruowei repeated the question again. Only then did he reply thoughtfully: "I don't know, something should happen, depending on the trading situation during the day." Obviously, they did not let go of the trading during the Asian session, and the offensive should be much more ferocious in the evening than during the day. ”

The currency market is an all-weather market that operates 24 hours a day, 7 days a week, but not all currencies work this way because currencies are strong and weak.

Just like the US dollar, it is the currency used in the whole world, with sufficient gold content, high creditworthiness and stable currency value. As long as it is not circulated in the same country, most of them are priced in US dollars, which is the embodiment of a strong currency. Naturally, a currency like this is a reference to other currencies in the market, and it is natural that it circulates around the clock, because it is a reflection of the US economy on the one hand, and inextricably linked to the price of precious metals on the other.

But the Hong Kong dollar is different, it is only the performance of Hong Kong's regional economy, this performance is not enough to affect the entire global economy, and the endorsement of the Hong Kong dollar is only based on the corresponding amount of US dollars, and there is no gold and silver as the support of the whole world, so it cannot be regarded as a strong currency at all.

So unlike the US dollar, there are two main trading markets for the Hong Kong dollar, one is the local currency market in Hong Kong, and the other is the London market, which once ruled Hong Kong. Therefore, if international speculators want to short the Hong Kong dollar, the London foreign exchange market, which is several times larger than the Hong Kong market in terms of average daily trading volume and variety, will naturally become the first choice.

"Makes sense!" Ren Ruowei inadmittedly agreed, then his face became solemn again, and he asked in a low voice: "Chris, we are old friends who have known each other for several years, and now you don't bother to give me an explanation, to be honest, do you think the Hong Kong dollar will depreciate in the end?" ”

Ma Jiarui was stunned, raised his head and looked at Ren Ruowei in disbelief, his eyes seemed to be looking at a stranger he didn't know, and he was so indifferent that he was overwhelmed. Contrary to his eyes, Ma Jiarui's heart could not be calm like a stormy sea at this time, and he never thought that even within Tianyu Fund, high-level people like Ren Ruowei had doubts about whether the Hong Kong dollar could resist in the end, so what kind of psychological state should ordinary investors have?

Looking at Ma Jiarui's strange eyes, Ren Ruowei felt a little hairy in his heart, and after coughing heavily, he lowered his head and changed the topic: "Well, today's lobster is good...... Nice......"

……

The Hong Kong Monetary Authority, after experiencing the daytime foreign exchange market transactions, everyone looked solemn, they knew very well that such a large-scale foreign exchange transaction as the daytime has not been seen for a long time, and the Hong Kong dollar has continued to depreciate in recent trading days, and has now reached a critical point, that is, the 7.75 mark.

Although the HKMA took decisive action in the last trading session to pull the Hong Kong dollar back from 7.75, it also made the market smell unusual, like a drop of blood flowing into a sea full of sharks, and soon the Hong Kong dollar market was flooded with countless dangerous actors.

"1 billion Hong Kong dollars, sell, offer 35 (7.7435)." Just when Ren Yigang was still thinking nonsense, the trader in charge of the night market suddenly shouted loudly, and immediately pulled his mind back from the sea and the sky.

"Let's wait and see if the bank will take over."

Seeing that everyone's eyes were on themselves. Ren Yigang nodded slightly, stabilized his mind and spoke.

Normal foreign exchange market transactions, buyers and sellers quote each other, match the transaction, buyers and sellers are mostly commercial banks, because of business needs or arbitrage needs and foreign exchange transactions. Of course, this market is also flooded with many currency speculators, but when the currency value is stable, the transaction amount of these speculators is far less than that of commercial banks.

But in the event of a sharp fluctuation in the value of the currency, the speculators' funds will be magnified exponentially. At this time, the exchange rate relationship originally determined by the game between commercial banks no longer exists. Because commercial banks themselves are also participants. They will also participate in this kind of speculation, where the buyers and sellers will pull the exchange rate back to equilibrium again after a series of games.

Because there are many influencing factors, even if it is a currency with a fixed value as prescribed by law. In the foreign exchange market, it is inevitable that there will be a certain amount of fluctuations. So even the equilibrium exchange rate. The market continues to fluctuate from day to day, and this movement can be as small as 0.0001 or as large as 10% or more of the entire price level.

Let commercial banks test the water first is Ren Yigang's idea. In fact, it is also a consistent practice, so that the sentiment of the market can be estimated. However, he soon found that the 1 billion Hong Kong dollar sell order with a price of 35 lasted for a long time without being filled, and soon the sell order was withdrawn and changed to a 40 offer.

This is a signal that the commercial banks have no intention of taking over, so the next step is to enter the HKMA, and then the market soon again has a large selling order of one billion Hong Kong dollars, further pulling down the exchange rate of the Hong Kong dollar.

"Do things!"

With Ren Yigang's order, traders began to buy the Hong Kong dollar sold in the market, and various quotations filled the entire trading floor, and half an hour later, the Hong Kong dollar returned to the level of 7.7430.

In this half an hour, the two sides traded a total of 3.6 billion Hong Kong dollars, worth about 500 million US dollars. Despite the scramble, the HKMA has been able to stabilize the Hong Kong dollar.

These large sell orders were a test of the market by international speculators, to see how long the HKMA could endure, and as they expected, the HKMA took a decisive move when the value of the Hong Kong dollar fell to 40 and ate their selling.

This was just the beginning of tonight's battle between the two sides, and soon, there were large Hong Kong dollar selling orders in the market again, and the market price of Hong Kong dollars was knocked down again for a while. At the same time, a group of funds led by commercial banks have also begun to enter the market, and they have just found out through their observations that the HKMA has made a move, which is a good opportunity for them to buy low and sell high for arbitrage.

With the sudden increase in the trading volume of the Hong Kong dollar market, speculators in other markets and even unrelated ones also followed, although they did not have too much Hong Kong dollar spot in their hands, but they still participated without hesitation when they smelled the abnormality, and the entire Hong Kong dollar market was full of smoke for a while.

The only sound of non-stop quotes and buys can be heard in the HKMA's trading floor, and these well-trained traders are so focused on the job at hand that they know what the situation is. Ren Yigang also gave up resting, and stared at the numbers on the big screen in the trading hall to give orders, although at his level, there was no need to go into battle in person, but the stakes were high, and Ren Yigang still appeared on the front line.

Unfortunately, although the HKMA continued to receive selling orders in Hong Kong dollars, the quotations of the Hong Kong dollar in the market continued to fall one price after another, and soon the price of the Hong Kong dollar to the US dollar reached the psychological threshold of 7.75. At this time, Ren Yigang, who had been staying up for most of the night, had red eyes, and only heard him say viciously: "7.75 must not be lost, we will eat as much as there is in the market!" ”

The traders were silent for a while, and then immediately realized that now was not the moment to be surprised, and after reacting, they accelerated the speed of buying Hong Kong dollars, and for a while the noise in the trading room was a little louder.

"7.75, 7.7499, 7.7498......" numbers kept flashing on the market, and international speculators were obviously aware of the HKMA's bottom line and determination, and they began to frantically sell the Hong Kong dollar at 7.75 in an attempt to break this line. The HKMA is also desperately buying Hong Kong dollars, and it is bound to protect it. The two sides fought fiercely around the 7.75 position, and both invested a lot of financial resources in a short period of time.

At such a moment, the so-called strategy has completely ineffective, and what the two sides are competing for is financial strength, naked comparison of strength. The foreign exchange departments of the banks, which had previously chosen to carry out transactions between the Hong Kong dollar exchange rate jumps, have also begun to become cautious, and they do not know who will lose and who will win at this price.

For a time, only international speculators and the HKMA were left on both sides of the market to trade in Hong Kong dollars, and the two sides were often engaged in hundreds of millions or billions of Hong Kong dollars in buying and selling contracts, and this level of competition was rare even in the foreign exchange departments of banks, let alone those currency speculators with smaller amounts of funds.

The Hong Kong dollar quotes kept jumping like a flower, but never broke through the 7.75 line, and the volume curve displayed was magnified exponentially, making it clear that both sides had invested huge sums of money. Eventually, by the end of the day, the bears' offensive slowed down, and the Hong Kong dollar began to slowly recover, finally freezing at 7.7490.

"How many dollars did we spend?" At the closing moment, the Hong Kong dollar could stay above 7.75, but the position of 7.7490 could be said to be infinitely close to 7.75.

"Combined with the daytime spending, a total of $7.5 billion was consumed on the day." The person in charge was expressionless, and gave a number in a low voice that made Ren Yigang's eyelids jump wildly.

According to the normal trading quota, the foreign exchange quota of the Hong Kong dollar is about 1.5 billion US dollars a day, which includes the capital of the banks that frequently arbitrage foreign exchange, but in fact, the inflow or outflow of Hong Kong dollars (US dollars) is not so much, at most only half. But today, this figure has expanded by five times, and most of it is not a simple arbitrage, but a real outflow.

Excluding the usual transaction amount, and then roughly calculating, Ren Yigang has an approximate figure in his heart: 6 billion US dollars, according to today's transaction price, it is about 46 billion Hong Kong dollars. US$6 billion is not too much relative to the HKMA's foreign exchange reserves, but what if it happens again on the next trading day? And what about the next trading day? Or maybe there are more sell orders than this amount the next day?

The financial market is full of too many variables and too many risks, and Ren Yigang, as the chief executive of the HKMA, must not allow today's situation to happen again, so he must do something.

"Notify all department heads, convene an emergency meeting, now." Ren Yigang's face changed, and after half a day, he suddenly became ruthless, gritted his teeth and said: "The theme of the meeting is to prepare for interest rate hikes!" (To be continued......)

PS: Thank you for the book friend bow for voting the monthly ticket in the left hand!