The panic caused by the collapse of the Hang Seng Index once again swept across Hong Kong, and what is even more terrifying is that the foreign exchange market has also become unsustainable under the encirclement and suppression of foreign institutions.

Unlike the last time, this increase in the interest rate on short-term loans did not have an immediate effect, and even in three days, the exchange rate of the Hong Kong dollar still fell to 8.2 to 1, even when the interest rate had soared twenty or thirty times in three days.

On November 12, Ren Zhihe finally couldn't sit still and announced to the outside world that the HKMA would intervene in the foreign exchange market and buy back $20 billion of Hong Kong dollars.

This decision can be said to be the last resort to deal with the foreign exchange market, simply put, it is to use foreign exchange reserves to buy Hong Kong dollars directly from the market to raise the price of Hong Kong dollars, whether it is the United Kingdom or Thailand, such a stage.

The 20 billion yuan occupies one-fifth of Hong Kong's total foreign exchange reserves and one-third of the foreign exchange reserves that can be misappropriated.

On November 19, after a week of offshore market competition, the exchange rate of the Hong Kong dollar finally rose to 7.7 to 1, which is also a relatively safe node, and the sell-off of foreign institutions has also been suspended under the premise that the HKMA has repurchased a large number of Hong Kong dollars.

However, Hong Kong is still facing huge problems, one of which is that although the foreign exchange market has temporarily stabilized, the short-term loan interest rate in Hong Kong is still high.

The fundamental reason for this situation is that Ren Zhihe and the top management of Hong Kong are afraid that after a large amount of Hong Kong dollars flow into the market, they will enter the hands of the Soros Group, which will inevitably cause the collapse of the foreign exchange market again and form a vicious circle.

However, the circulation of the Hong Kong dollar has been reduced, and the stock market will naturally be hit hard, so in the past ten days from November 8 to today, the Hang Seng Index has gone directly from about 15,000 points to about 12,000, and there is no sign of stopping at all.

"Ren Bureau, today Zhang # Si called and asked if we would introduce a bailout policy in the near future, he seems to have invested a lot of money in the stock market, and his attitude should be very urgent." After Lin Bizhi finished speaking, he added in a low voice: "I heard that Zhang # Si has borrowed a huge amount of money from the black market, and if it falls again, he may have to jump off the building." ”

"He's a # division, is he still afraid of the black market?" Renzhihe said with a cold face: "And even if he jumps off the building, he will die by himself, and it has nothing to do with us." ”

Although Ren Zhihe was angry, after thinking for a few seconds, he still calmly asked: "Didn't the few economic reports we released to boost the confidence of shareholders have played a role?" ”

"It's very useless, but in my opinion, there is no means available at this time, and it is not necessary to spend a lot of money to buy blue chip stocks, right? Once we throw money into it, the forex market will definitely not be able to withstand it. Lin Bizhi said.

"You're right, even if we are faced with this situation 10,000 times, we will make the right choice 10,000 times." Ren Zhihe said in a deep voice: "There is always someone to sacrifice." ”

"Then how do I get back to Zhang#Si?" Lin Bizhi asked cautiously.

"You tell him that the policy is being studied and needs the approval of the capital, so let him stand up again."

"Ren Ju, that # Si Ke is a difficult character, do you think we want to subsidize some money from the treasury to him in some way?"

Lin Bizhi's words are what he really wants to say, he has already shown favor to the other party when he communicated with Zhang # Si, and said that he would win financial subsidies, and where is this subsidy, it is actually corruption in disguise.

Ren Zhihe wanted to get angry when he heard the other party's words, but after taking a closer look at Zhang#Si's position, he gritted his teeth and nodded: "You can arrange this matter, but don't show your feet, otherwise you and I will be finished." ”

"Okay, I'll go." After Lin Bizhi finished speaking, he left quickly.

Ren Zhihe slammed the table hard after Lin Bizhi left, and said to himself tremblingly: "There is the fierce tiger of Soros outside, and there are this group of hungry wolves inside, is this the Xiangjiang I want to see?" ”

Ren Zhihe said, his eyes couldn't stop bursting with tears, he asked himself again and again if he was going crooked, but he denied this idea again and again.

This was the Xiangjiang at that time, and the internal and external troubles were only the tip of the iceberg, and the relationship between them was so complicated that it was difficult to talk about it.

In the foreign exchange market, the Soros gang will attack from time to time, which also causes extreme instability in the foreign exchange market.

However, the extremely volatile market conditions have also attracted the attention of the entire HKMA, leaving the HKMA with no time to take into account the changes in the stock market.

In the stock market, the Soros team is almost full firepower, selling a large number of blue chips, and using public opinion attacks to carry out all-round encirclement and suppression of the Xiangjiang stock market.

In addition to the methods used by Soros, the economic situation in Asia as a whole also affects Xiangjiang, especially the soaring prices of commodities have made Xiangjiang fall into a quagmire from which it cannot extricate itself.

On November 30, 1997, the Hang Seng Index was only a few dozen points away from the red line of 10,000 points, and it was a full 5,000 points lower than the 15,000 points on the 8th.

Some foreign media even speculate that the Hang Seng Index will eventually fall below 3,000 points, then in addition to countless companies will go bankrupt, the remaining giant companies will also be delisted from Xiangjiang and choose a more stable listing in the United States, which has almost broken the last line of defense of the Xiangjiang stock market.

By December 1, the Hang Seng Index fell directly to 9,500 points, and in this case, even Dong Jiacheng, a big man who has been buying down, can't sit still at all.

"It's over, it's over." Dong Jiacheng looked at the trend chart on the computer and couldn't tell what he was feeling in his heart, because he listened to the prediction of the mysterious text message, and he had begun to short the Hang Seng Index a lot at 15,000 points, and now it should be a very happy thing to fall to 9,500 points, but he was not happy at all.

The reason is very simple, he did make a lot of money by shorting the Hang Seng Index, but the continuous decline of the Hang Seng Index has made the shares of Changjiang Industrial, which belongs to the upstream of blue chip stocks, also plummeted.

Not to mention that the value will plummet, the decline in market value will completely affect financing, and if Cheung Kong's cash flow is broken, the consequences will be unimaginable.

"Call Li Zhaoji and ask him to come out for a gathering." After Dong Jiacheng complained a few words, he hurriedly instructed the secretary.

"Do the other bosses use appointments?"

"Nonsense, do I need to say more?"

Dong Jiacheng was a little upset.