The researchers, who had already finished their meal, were chatting on the trading floor, and the topic was naturally the girl who had dinner with Zhong Shi just now. Although most of these analysts deal with numbers on weekdays, when it comes to gossip, they are not much worse than the grandmothers.

"Guess who of those two girls just now is Zhong Sheng's sweetheart?"

"Needless to say, it must be the taller one, seeing that her muscles are like clotted fat and her face is like peach blossoms, she is obviously a lot taller than another girl, and only she can be worthy of Zhong Sheng."

"Not necessarily, maybe Zhong Sheng likes Pepper. I think the other one is good as well. ”

……

Generally speaking, in the eyes of these elites, there are only economic concepts such as investment costs and returns, and the way of thinking also tends to be rational people in economics, and they are not interested in emotional things such as feelings. In fact, such complex and chaotic relationships abound throughout the financial industry.

There used to be a famous joke about this relationship in the financial industry: If you want to find a friend, then get a dog, if you want to find a friend, go to those public relations girls. Wives and girlfriends are temporary, and only ex-wives and ex-girlfriends are eternal.

Although they didn't agree with Zhong Shi's behavior in their hearts, they didn't dare to say it openly, not only because Zhong Shi had a different status in their hearts, but also because the whole society had a common understanding of having a complete family. Although Hong Kong is a cosmopolitan city that can accommodate many values, these mainstream values are still shared by all walks of life.

Just when they were talking. Bell Stone and Andrew and the others walked in. A group of researchers quickly stood up, and when a few of the bold ones were about to tease a few words, they saw Andrew behind Zhong Shi shaking his head slightly, and their hearts were in shock, and then they found that Zhong Shi's face was uncertain, so they immediately closed their mouths in amusement.

"Continue to execute according to the original Jihua!" As soon as Zhong Shi entered the office, he threw the whole person onto the sofa chair and said loudly in resentment.

Andrew, who was following him, wanted to persuade a few words, but the words came to his lips and swallowed again, and he didn't know how to say this kind of thing. And he didn't know the specifics. I had to leave the office in a huff.

Sensing Bell Stone's anger, Andrew returned to the trading floor and gave orders to the researchers with a gloomy face. These researchers also lost their minds to gossip and began to operate on the foreign exchange market.

……

Although the Thai Baht was pulled back into the normal range during the daytime trading hours, the market was generally pessimistic about the Thai Baht. Some analysts even pointed out. The Thai baht is not completely out of danger. There is still a possibility of attack.

In fact, the baht is being attacked, although this time the offensive is not as ferocious as the last one. However, since the foreign exchange reserves of BOT are not much, the depreciation of the Thai baht is only in the past few days, but most investors in the market are not aware of it.

On this day, Thai Prime Minister Chawalit came out again to stand for the baht, and this gesture does not explain anything, but only increases the market's doubts about the Thai government's ability to maintain currency stability. According to the general logic, even if Mr. Prime Minister's words are not so convincing, the market always has to react positively, but due to the strong intervention of Tianyu Fund, this reaction has not appeared in the foreign exchange market at all.

"25.92, 10 million baht, no problem."

"25.94, billion baht."

……

Soon, Tianyu Fund attacked again in the spot market and the futures market, frantically selling the Thai baht, this time the intensity was obviously more crazy than the previous night, and I don't know if it was because of the heavy trading atmosphere at this time or the excitement of feeling that the Thai baht was about to depreciate.

The foreign exchange departments of the commercial banks, which closely followed the changes in the exchange rate of the baht, quickly realized that the bears were still relentlessly shorting, which confused them because it did not conform to the normal reaction, but because there was room for arbitrage and they were confident that the BOT would intervene, they still traded the baht in an orderly manner according to the original strategy.

Time passed little by little, and finally at about 3 o'clock in the evening Hong Kong time, the Thai baht was still forced by the continuous selling pressure to the 26 baht to 1 dollar mark, during which there was even a lower price than this. With the decline of the spot market, the Thai baht forward contracts in the London and Chicago markets have also fallen below the threshold stipulated by the BOT, which means that investors are not optimistic about the future of the Thai baht.

Although there are also traders operating in the BOT side, due to the pressure of the spot market, their rally in the futures market has become meaningless. The only way to solve the spot market is to let BOT pull up the exchange rate again through large-scale buying during the daytime trading hours, so that the two-pronged approach can once again pull the price of the futures market back to the normal fluctuation range.

Once again, the spot market lost liquidity.

But soon, there was a rise in the futures market, which was the entry of short-term arbitrageurs. Their strategy is very clear, that is, when the Thai baht in the spot market falls to the lowest point, they will take a position in the futures market, open a position at the lowest level, and then hedge a part of the profits through trading in different markets during the daytime trading hours.

Because when the spot market falls to the lowest level, the price of the futures market also falls to the lowest level, and the traders of BOT will definitely stabilize the price at all costs, and their pressure is minimal at this time. Traders in the spot currency market will not buy and sell Thai baht at a lower price, they can naturally stabilize the price of futures at this price, even if there is a lower price, the amount will not be too large, and the whole market knows that there will be a BOT in the end.

The short-term arbitrageur is to use the well-known psychology to buy quickly when the spot exchange is about to fall to the lowest position, and then wait until the BOT enters the market during the daytime trading hours to intervene, and the entire exchange rate market rebounds before making a move to arbitrage the corresponding profits. This strategy requires ultra-fast short-term trading, because BOT futures traders will not allow this kind of arbitrage behavior to divide their profits, and will definitely buy as quickly as possible at the lowest point of the market, and then wait until daytime to get out.

The competition between the two sides is the speed of the transaction and the judgment of the low.

But then again, both of these can be seen as bulls in the market, which together support the suppressed baht, but most of the positions on the BOT side are based on hedging, and the funds used in this part of the arbitrage are not much. Short-term arbitrageurs, on the other hand, need to fast in and out, and when the profit margin reaches a certain point, they must close their positions and leave the market, because this behavior is dancing on the blade after all.

The basis for supporting short-term arbitrageurs is that BOT must have enough ability to support the Thai baht in the spot market, otherwise everything is empty talk, which is why they want to do short-term.

In this way, the futures market rose slowly under the joint support of short-term arbitrageurs and BOT, and even pulled the Thai baht back to the level of 26.15 in a short period of time, which was much higher than the lowest intraday price of 26.30.

All this was naturally seen clearly by Zhong Shi.

Zhong Shi, who had already slept for a while, only felt refreshed, and the depression of the evening had been swept away, and now that he looked back and thought about it, he also felt that he was a little excessive, and after asking a researcher who grew up in Hong Kong what "housing estate" meant, he couldn't say a word for a long time.

However, it is impossible to let him go to daoqian at this time, Zhong Shi is a reserved person on the outside and very proud in his bones, and the whole thing is just Yuan Yuanzhi's inner inferiority complex, and it has nothing to do with Zhong Shi. As for the knot between the two, they can only be untied slowly.

Zhong Shi, who had figured it out, pushed open the door and appeared in front of everyone, feeling indescribably relaxed. However, the researchers on the entire trading floor were not so comfortable, they had been working all night, and they were exhausted, their eyes were red, and they yawned profusely. There are a few fairly energetic researchers who are arguing about the unusual rally that has occurred in the futures market.

"......" Zhong Shi carefully observed the transaction details, and then was silent for half a minute before slowly saying: "This should be the behavior of arbitrageurs, maybe they were confused by the Thai side's statement." ”

Among the researchers, some unconvinced people retorted in public: "Weishenme is not likely to be promoted by BOT, you must know that they are the most likely and most desirable institutions." ”

Zhong Shi smiled, touched his nose, and considered his words for a long time before saying in a consultative tone: "BOT is naturally the most likely, but don't forget, if they want to pull up, weishenme didn't act yesterday?" In fact, every time the price of the futures rate falls to a certain level, they will intervene. Think about it, how many hedging positions they should have accumulated in the market from May to now, I'm afraid it's astronomical. Now the funds they can come up with to intervene in the future exchange are probably a very small part, and I personally estimate that it will not exceed one billion dollars, and the amount they want to increase is not much higher. With the current magnitude of the increase, it should not be their full effort, if this is the case, those who are still long in the market can only be short-term arbitrageurs. ”

Although not all of them agreed with Zhong Shi's views, those who held the opposite opinion could not find a reason to refute them for a while, so they could only give up.

Zhong Shi secretly snickered, although these were analyzed by him, but they were also combined with the experience of later generations, I am afraid that few people know about it now.

For the behavior of these short-term arbitrageurs looking for death, Zhong Shi naturally will not care about him, as the saying goes: if you don't die, you won't die. Since they want to dance on the tip of the knife, they must be prepared to be cut, or even killed. (To be continued......)

PS: Thank you book friends for not me for voting for the monthly ticket support!