Chapter 552: Maybe He Has a Way?

"What are we going to do now?" The voice was not loud, but it was difficult to hide the confusion in it.

Speaking was Fan Xiangchen, Chief Executive of the Hong Kong Monetary Authority.

His mood was very heavy, and his face was also gloomy. His eyes were bloodshot, and he had obviously not slept well for the past few days. It is no wonder that Hong Kong's financial market has been sniped by international funds and floating funds led by the "Quantum Fund" and has almost reached the brink of collapse.

This is not the HKMA, but the room of the expert group on the 38th floor of the Feiyuan International Hotel in Hong Kong. In addition to Fan Xiangchen, there were also Liu Ningqiang and Ge Hongrui, the chairman and deputy leaders of the expert group.

As expected by a certain media in the outside world, the expert group and the Hong Kong government set up a temporary operation room in the hotel, equipped with the most elite traders in Hong Kong, and established a small but capable trading team for the command and use of the expert group. This is the headquarters of Hong Kong's fight against the "quantum fund" and international speculators, and all the instructions are issued from here, and hundreds of billions of Hong Kong dollars of funds are also at the disposal of here, active in the Hong Kong foreign exchange market, facing these crazy international speculators, and defending Hong Kong's financial order.

The room was full of smoke, and everyone's mood was very heavy, smoking, their faces were very ugly, and even so gloomy that they could almost wring out water.

Although hedge funds are often constrained by the traditional practice of Hong Kong's financial regulators when they impact Hong Kong's financial markets——— raising short-term lending rates. It has been proven that raising short-term lending rates will increase costs for speculators, who usually borrow Hong Kong dollars from Hong Kong banks and sell them in overseas markets. Through "hijacking interest", the Hong Kong government easily cut off the grain and grass of international speculators, making them unprofitable, but paying huge amounts of interest. However, when speculators hit the Hong Kong financial market this time, the biggest difference from the past is that the speculators did not carry out spot lending activities, but hoarded a large amount of Hong Kong dollars in advance, so that the Hong Kong government's "interest hijacking" measures did not play their due role.

Moreover, the side effect of raising short-term loan interest rates is becoming increasingly apparent, and it is too lethal to the stock market and property market. A fall in the Hang Seng Index to 6,500 points would be the minimum that the banking system can afford. According to experts' analysis, if the stock market and property market fall further sharply, banks will inevitably sell off a large number of relevant collateral assets when they have no choice, thus setting off a vicious wave of sell-off in the stock market and the real estate market, and some small and medium-sized banks may even face the fate of bankruptcy because of too many bad debts. Once a bank begins to fail, Hong Kong's banking system is bound to suffer a fatal chain blow.

If the Hong Kong government does not "hold interest on us", speculators will take the opportunity to borrow more Hong Kong dollars in preparation for a bigger impact next time. If the Hong Kong government "coerces the interest", the speculators' plan will succeed immediately. Therefore, in this dilemma, the expert group and the Hong Kong government had no choice but to rely on their abundant foreign exchange reserves to fully accept the Hong Kong dollar sold by speculators in large quantities, so as to maintain the linked exchange rate and the foreign exchange market. However, under the influence of high interest rates, the economy has paid a high price, interest rates have remained high, the stock market and the property market have fallen sharply, and the economic vitality has been greatly damaged. In just 19 trading days, the Hang Seng Index and the futures index fell by more than 2,000 points, and international speculators won a big victory, arrogantly calling Hong Kong their "super cash machine" and declaring that Hong Kong would be defeated.

Hong Kong is known as the world's freest economy, and the Hong Kong government's principle of "active non-intervention" in the market has always been, but in the face of this situation, non-intervention is tantamount to sitting back and waiting for death, and it cannot move while watching people take money from their pockets. If international speculators like Soros are allowed to win the hard-earned money of Hong Kong people again and again, no matter how strong Hong Kong's economic strength is, it will one day be emptied. Therefore, the Hong Kong government must take action to defend Hong Kong's financial order, and the HKMA is the institution that shoulders this sacred mission.

But now Fan Xiangchen has few options, one is to implement foreign exchange controls, and the other is to announce the decoupling of the Hong Kong dollar from the US dollar. However, he believes that neither method is advisable, and if the Hong Kong dollar is decoupled from the US dollar, it will be a complete repetition of the mistakes of Southeast Asian countries, raising their hands and surrendering to the "quantum fund" and international speculators, and even allowing these financial "robbers" to rush into their homes and loot without any fears, which is completely unacceptable to both the nascent SAR government and the central government. If the market fails, not to mention the Chief Executive of the HKMA, and even the Financial Secretary and the Secretary for Financial Services will all step down to assume this responsibility.

And at this time, it is already difficult to accurately judge the situation, let alone the hard-earned money of Hong Kong citizens in hand? Fan Xiangchen couldn't sleep all night, and he hadn't closed his eyes for several nights in a row.

Liu Ningqiang just smoked and didn't say a word, and he was even more annoyed and regretful in his heart. At the beginning, Leng Binghan once reminded that the intention of the international speculator and the drunkard is all in the Hang Seng Index futures. Beware of them first shorting the Hong Kong dollar in the foreign exchange market, forcing the Hong Kong Monetary Authority (HKMA) to adopt the old tactic of raising interest rates and using it to suppress the stock market. If interest rates rise, the stock market will inevitably fall, and the Hang Seng Index futures will also fall simultaneously, and then short the Hang Seng Index futures loan at a lower price in the futures market, and the foreign exchange market and stock market will both make a profit. But I didn't take these kind reminders of Leng Binghan to heart at that time. In his opinion, Leng Binghan is just a high-ranking son, where does he understand finance and politics? Unexpectedly, the development of events was exactly as Leng Binghan had predicted.

This time, the Hong Kong government withdrew a large amount of foreign exchange reserves, ate all the Hong Kong dollars, and intervened in the market, which also stemmed from its own intentions. Now the Hong Kong dollar exchange rate has finally risen above the psychological mark of 7.75 again, barely holding on. However, tens of billions of dollars of foreign exchange reserves are firmly entrenched in them, and they are powerless to cope with the rapid decline of the stock market and futures. Although Liu Ningqiang believes that his judgment is correct, if he really wants to be investigated, his responsibility cannot be shirked.

Ge Hongrui took a few puffs of cigarette before he said slowly: "This time we really underestimated the strength of Soros and international speculators, and fell into the situation of being passively beaten now, and the next step must be to make a good living." ”

"Let's see if the central government can mobilize another batch of funds?" Fan Xiangchen asked tentatively.

In fact, there are many ways to solve the problem, the so-called "one force down ten will", as long as there are enough funds, a large number of people into the market, will soon be able to support the Hang Seng Index, not only so that speculators in the early sell-off is unprofitable, but also stealing chickens does not lose rice.

Ge Hongrui shook his head, and a wry smile appeared on the corner of his mouth.

In order to ensure the stability of Hong Kong's financial market and to ensure that the Hong Kong dollar is not impacted, the expert group went to Hong Kong this time, and in fact received full authorization from the central authorities and the State Council to directly mobilize a huge amount of foreign exchange reserves to intervene in the market. However, some time ago, in order to stabilize the exchange rate in the case of a large number of sell orders, not only the Hong Kong government invested more than 100 billion Hong Kong dollars, but the expert group also urgently mobilized nearly 10 billion US dollars.

It is not impossible to continue to allocate funds from the central government, but it is still unknown whether the "quantum fund" and international speculative funds can really be repelled for the near-sky-high sell-off. China's foreign exchange reserves at that time were about $140 billion, and with Hong Kong's, it was only about $200 billion, which is really nothing compared to the "quantum fund" and more than $900 billion in international speculative funds. Even if they were all desperate, if Hong Kong's stock and currency markets were to flee like Thailand, the money would be enough to sustain the market for two or three weeks.

Liu Ningqiang also said: "I'm afraid that if we continue to invest money and become a refueling tactic, not only will it not play its due role, but it will encourage the arrogance of the other party, unless we have a perfect plan." ”

Fan Xiangchen sighed softly, but he didn't show any disappointment.

He didn't think about what Liu Ningqiang said, but now that the matter has come to this, he really can't think of any other better way. Is it just watching Hong Kong repeat the mistakes of Southeast Asian countries?

According to the analysis of officials of the Hong Kong Monetary Bureau, "the general trend has gone", if the Hong Kong government does not take effective measures, the Hang Seng Index will soon plummet to 4,000 points, and the interest rate on bank loans will be at an all-time high, and Hong Kong is likely to "lose gas" within five days. This kind of outcome is unacceptable to both the central government and the Hong Kong government.

"It's not like there's no way." Ge Hongrui pondered for a long time and said slowly.

"Oh, Director Ge might as well say it if he has a way." Fan Xiangchen was refreshed when he heard this, looked at Ge Hongrui directly, a look of hope appeared on his face, and he said eagerly.

"We can raise funds from local NGOs in Hong Kong." Ge Hongrui groaned and said slowly.

Although his method is not new, it still makes sense. Hong Kong is home to a large number of billionaires, many of whom are wealthy in the world, especially a top multinational group company like Feiyuan. If we really want to unite as a rope, unite many consortia in Hong Kong, and confront international speculators strongly, the number of winners and losers will be between the two sides.

"I understand this, but ......" Fan Xiangchen shook his head with some disappointment.

They had already thought of this method. But what puzzles everyone in the Hong Kong government is that no matter how they lobby, the attitude of many Hong Kong consortia has always been somewhat ambiguous. Fan Xiangchen was a little puzzled, the so-called no eggs under the nest? Incense finance and industry have always been closely related, when the storm comes, no one can be left alone, why are these consortia unwilling to come out to fight back?

In particular, Feiyuan's attitude made the Hong Kong government a little worried.

Since the "quantum fund" and international speculative funds sniped at the Hong Kong dollar, this financial defense war has been going on for almost a month. However, contrary to everyone's expectations, Feiyuan never stood up and raised its arms, calling on all Hong Kong consortia to fight against the invading international speculative funds head-on and launch a large-scale battle. If it weren't for the overwhelming majority of Hong Kong people, they still believed that Hong Kong was, after all, the "blessed land" where Feiyuan was born, and even more so, where Feiyuan's headquarters was located, would definitely not do anything that seriously harmed the overall interests of Hong Kong for the sake of some money. Otherwise, the Hong Kong government may still be worried, and Feiyuan will not join the ranks of snipers.

After all, strictly speaking, Feiyuan does not have many industries in Hong Kong, just as Feiyuan is also involved in the fight against the Hong Kong dollar, not only the impact is minimal, but the benefits are extremely amazing.

Ge Hongrui glanced at Fan Xiangchen, stopped talking, and picked up the teacup to drink tea.

Fan Xiangchen's words were not finished, but Ge Hongrui already understood. Perhaps this is the root of the inferiority of the Chinese people, who have not found the head of the matter, and will never be willing to come forward. And when bad luck finally befell him, he regretted it.

"I thought, maybe someone has a way!" Liu Ningqiang, who had been silent for a long time, suddenly spoke.

"Who?" Fan Xiangchen and Ge Hongrui's eyes lit up when they heard this, and their faces were no longer as calm as a talent, and they hurriedly asked in unison, their four eyes looked at Liu Ningqiang with burning eyes, and their always steady tones had a hint of nervousness.

At nightfall, Victoria Harbour is brightly lit, and the waterfront fence separates the sound of the waves crashing on the shore, reflecting the continuous colors of the sea, and the dazzling Hong Kong Island on the other side is dizzying, and the reflection of the waves makes it more luxurious. Looking back at Kowloon, the glow is fading, the lights are fading away, a few returning boats are lying quietly on the pier, and the bell tower is still alone. The Wan Chai Convention and Exhibition Centre is as bright as a wash, Causeway Bay is bustling like a tide, the tall buildings scattered in the Central and Western Districts are brightly lit, the bright lights in the Central Centre are piercing the sky, and the stars looming in the blue and black Taiping Shan are the edge of this sea of lights. In a trance, the sightseeing cruise ships on the sea and even the Star Ferry have become performers competing for beauty on both sides of Victoria Harbour, with water, lights, boats and people playing together.

At this time, Victoria Harbour really came to life, and her makeup was more than luxurious - the dazzling sea of lights on both sides of Hong Kong and Kowloon was the glow-in-the-dark eyeshadow she applied to herself, with bright colors, matching Hong Kong's charming lines and luxurious night dresses. Victoria Harbour's flickering eyes are not as flamboyant as her luxurious makeup, and the glitz precipitates in the change of tides, and the cold look through the red dust is more provocative.

However, no one noticed in the night that a few people dressed in ordinary clothes and in a hurry secretly left the hotel from the staff passage of the Feiyuan International Hotel in Hong Kong, boarded a Rolls-Royce that had been waiting here for a long time, and then under the escort of two bulletproof Mercedes-Benzes in front and behind, they slid through the dimly lit urban night, and the bright car lights flashed bright and brilliant in the night, and went straight to Repulse Bay.

Repulse Bay, located in the southern part of Hong Kong Island, is the most representative and beautiful harbor in Hong Kong, with fine waves and sand, wide beach bed, gentle slope and warm water. Because of its beautiful and charming scenery, Repulse Bay has always been one of the famous high-end residential areas on Hong Kong Island, and the area is full of luxury residences.