On the evening of August 7, when the Hong Kong dollar opened, it was immediately under fierce attack. Due to the impact of some time ago did not achieve the expected effect, this day international speculators significantly strengthened their efforts, as soon as the opening of the 7.75 position threw a large number of Hong Kong dollars, the momentum is so fierce that anyone can see that they are planning to break the psychological defense of the Hong Kong dollar in one fell swoop.

Naturally, the HKMA has been fighting to the death against speculators in both the Hong Kong dollar forward and spot markets, and although it has depleted nearly US$7 billion of the HKMA's foreign exchange reserves in the past few trading days, this has not shaken the HKMA's determination to defend the Hong Kong dollar.

On this day, in London and New York, the trading of Hong Kong dollar varieties hit new highs on record, even higher than the peak trading in November last year and the beginning of this year. In six or seven hours of trading time, the number of throws by the attacking side and the defending side is in the smallest unit of 100 million (HKD/USD), and the two sides go back and forth, frequently fighting.

During this period, the HKMA sold a large number of US dollars, mobilized the market to look bullish, and once pushed the Hong Kong dollar exchange rate to around 7.7460, but the speculators were not to be outdone, and after withstanding the counterattack of the bulls of the HKMA and the market, they organized a wave of fierce offensive, once again pushing the Hong Kong dollar exchange rate to the psychological threshold of 7.7500.

In the tug-of-war between the two sides, the trading volume of the Hong Kong dollar has skyrocketed, and the transaction amount has risen rapidly. By the end of the day, the trading volume of the Hong Kong dollar had reached a staggering 40 billion Hong Kong dollars, which was about 5.161 billion US dollars based on the final closing price of 7.7498.

So many dollars are consumed in one night's time. If there are twenty more such trading days, then the Hong Kong government's dollar reserves will be depleted.

The price of 7.75 is the lowest exchange rate of the Hong Kong dollar in recent months, and it is also the most dangerous attack on the Hong Kong stock market by international speculators. In any case, in the end, the HKMA relied on its strong foreign exchange reserves to resist the opponent's offensive.

Unlike countries such as South Korea, Thailand, and Indonesia, Hong Kong has very little external debt, which cuts off the situation where international speculators are trying to incite foreign capital to flee. And this kind of flight will directly consume a large amount of foreign exchange reserves, which is why other countries are quickly drying up foreign exchange reserves. There is no such thing in Hong Kong. Therefore, international speculators must face to face with the Hong Kong government's foreign exchange reserves, which are close to hundreds of billions of dollars.

Despite the flock of speculators. But the vast majority of speculators know that the real purpose is still to short Hong Kong stocks and the Hang Seng Index. It's a bit difficult to break down hundreds of billions of dollars in foreign exchange reserves, and they're just a loose alliance that doesn't bind each other. Once the exchange rate of the Hong Kong dollar rises to a certain threshold. There is no guarantee that some of them will go long backhanded.

And the Hong Kong stock market. On the 7th, the daytime fell again, and it once fell to the 7,000-point mark during the session, but the decline narrowed in the future. The bulls took the opportunity to attack, but the follow-up was weak, and the Hang Seng Index futures on the eighth fell below 7000 points, and the bearish sentiment in the market outlook was still strong, and in such an unfavorable situation, the bulls reluctantly pulled the Hong Kong stock index up to 7018 points, and there was no longer the momentum to continue the upward offensive.

Then comes the weekend, and the stock market will continue to open on the 11th.

……

"That's your plan?" Julian Robertson looked at the speech in his hand, but his mind was thinking quickly, and soon, a grand plan slowly came to his mind.

Until now, Julian. Robertson really figured out Soros's full plan. Not far from Zhongshi's speculation, Soros intends to use the crisis that may be triggered by the Russian market to create a big crisis that will affect the global market. In this plan, he not only takes into account various influencing factors and uses these possible factors to make a global layout, but also takes into account his current prestige in the financial markets.

What is the current level of personal prestige of Soros? This can be seen from the speech he delivered in South Korea at the beginning of the year: since accepting the invitation of Kim Dae-jung's government, he took advantage of the situation to express his optimism about the South Korean economy, and in the following half month, the South Korean capital market, including the South Korean won, immediately rose sharply, a large amount of foreign capital poured in, and the stock market in Seoul also rose by at least 30%.

To put it bluntly, Soros is now the spiritual pillar and de facto leader of international travel capital. As long as he gives an order, most of the international travel capital will follow him without hesitation and impact the capital market of a certain country or region. And what supports them in doing so is not only Soros's invincibility in the Asian market, but also because of his high profile, which is different from the low profile of other hedge fund managers.

When he saw that Soros even counted his own prestige into the whole plan, Julian. Robertson suddenly felt a chill in his heart. He never thought that this thing could also be used as a factor to affect the situation, but Soros thought of it.

Naturally, in Julian. In the bottom of Robertson's heart, he is still unwilling to surrender to Soros. So despite the shock in his heart, he still said expressionlessly: "This plan is indeed good, but you have to think clearly about the follow-up plan." Questions such as whether Russia will default on its national debt and whether political leaders, including Clinton, will stand by and watch the chaos that Russia will create will all be factors that affect our bets. ”

Julian. Robertson is naturally not an ordinary person, and after thinking about it for a while, he realized several possible scenarios, and whether or not to default on Russian government bonds is the most important one. The factors that affect whether or not the Russian national debt defaults have risen directly to the top political level, and even their backstage cannot find out the slightest bit of news.

"Don't worry!"

Soros first stared at Julian suspiciously. Robertson's face looked at it for a long time, and after making sure that the other party did not have any surprised expression, he said lightly in his frustration, "I have hired many retired dignitaries as the advisory group of the Quantum Fund. Their main job is: Gauge the likelihood that the government of the United States and Europe will continue to provide aid to Russia on the condition that the Russian Duma has already announced that it will not accept the IMF. ”

"Unlike countries such as Thailand and Indonesia, Russia is the country with the world's largest number of nuclear weapons, and if this country is really chaotic because of economic problems, then their nuclear weapons management will become an issue related to the security of the whole world. God, it's unbelievable! If some extremist group has such a thing because of this, it will be a disaster for the whole of humanity! ”

"Margaret. Thatcher is working with other dignitaries on whether the IMF and the current governments of the United States, the United Kingdom, and Germany will abandon the study of Russia. Although there is no definite conclusion at the moment, according to the information they have received. This time, government dignitaries, including Clinton, are likely to bow to the polar bears. So. Before we can come to a conclusion, we are taking advantage of this opportunity to buy Russian government bonds aggressively, and when the IMF comes to their aid again, it will be our chance to make a windfall! ”

"How can a nuclear power default on it?"

At last. Soros said confidently.

"But ......"

Julian. Robertson wanted to say something. But after carefully recalling Soros's words. He also felt that it made sense, so he simply kept his mouth shut, but he secretly made up his mind in his heart. Be sure to get the report that the retired dignitary analyzed for Soros, and follow up after making sure that Soros is indeed a match of words and deeds.

"How's going on in Hong Kong?" After carefully paying attention to his battle plan for a long time, and after making sure that it was foolproof, Soros asked Julian. Robertson comes.

Regarding the battle plan in Hong Kong, the main person in charge is Julian. Robertson, led by the two bigwigs this time, gathered almost all the hedge funds on Wall Street, and even European funds joined it. Since there are two markets that are making waves, the two of them have their own duties and are responsible for one market. However, between the two, it is still Soros who dominates.

"If there are no surprises, Hong Kong's stock market will still fall on Monday and Tuesday. And on Wednesday, we will relax our offensive and at the same time replenish the Hong Kong dollar in the market to create a day of upside. When they let their guard down, you take the opportunity to make a speech about the Russian ruble, and when we create a wave of violent fluctuations in the global stock market, we can maximize the benefits of Hong Kong stocks to the minimum, and then as long as we maintain this high-pressure situation, I believe that in August, we can go out of the position and pocket the profits! ”

"As long as the Russian side continues to be in turmoil and the nuclear shadow hangs over the global market, it is unlikely that the market, including Europe and the United States, will have a strong performance, and for the Hong Kong market, it will bear the brunt of the huge threat. Coupled with our sell-off in the Hong Kong dollar market, the combination of the two should be able to support our escape. ”

After learning about Soros's overall plan, Julian . Robertson also has a general idea of the trend of the Hong Kong market, and after clarifying his thoughts a little, he gave such an operation strategy.

"In addition to that, I thought of another possibility. That is, when necessary, you can use your personal prestige to claim that you are bearish on the Hong Kong market, and even if the Hong Kong government tries to make any claims, I am afraid it will not help. But to use your 'nuclear weapon', it must be at the right time, such as at the end of August, at the end of the settlement, so that we can be sure of victory!" ”

Finally, Julian. After Robertson's cloudy eyes turned a few times, he suddenly came up with such a "clever plan".

"Well done, Julian!" Soros nodded, a satisfied smile on his face, "Julian, you really know how to learn, I'm really afraid that one day, my position will be replaced by you." ”

"Stop, George, now is not the time for jokes." For Soros's "joke", Julian. Robertson didn't want to continue, he really didn't have the heart to figure out what the other party meant by this, "I don't know if you have noticed that after entering August, many listed companies in Hong Kong have announced share repurchase plans, although so far, the market has not shown an obvious warming trend, but it is undeniable that these funds will be an obstacle for us to suppress Hong Kong stocks." ”

"Relax!" Soros pulled out a piece of paper from his briefcase, "Julian, you can take a look at this first." The report of Stanley and Goodman's joint survey shows that the cash holding rate of funds active in Hong Kong has reached an unprecedented proportion, which shows that in the eyes of professionals, the bearish outlook is still the mainstream, and the atmosphere is very strong. ”

Take advantage of Julian. Robertson looked at the report, Soros took the opportunity to pick up the speech again, and began to think carefully about it, after all, this is a "construction" against the polar bear government, if there is anything wrong, it is likely to cause diplomatic disputes.

On the speech in black and white, it was impressively printed: "...... The fixed exchange rate system overvalues the ruble, which needs to depreciate by at least 15 to 25 percent to reflect its true price, according to current expectations in the foreign exchange market, and we call on the Prime Minister and the Duma to face up to this problem......" (To be continued......

PS: Thank you for your support, the author will continue to work hard~