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Volume 1: Miracle on Qishan Chapter 189: Asian Financial Crisis (5)

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.    A protracted financial war finally broke out.  

    On August 14, international speculators continued to short-sell the Hong Kong dollar, forcing the Hong Kong Monetary Authority to use its foreign exchange reserves to continuously acquire Hong Kong dollars. Their tactics remained the same as before, forcing the Monetary Authority to overdraft its foreign exchange reserves. When the Monetary Authority ran out of foreign exchange, the linked exchange rate would naturally  Break without attacking.

    "Short-selling the Hong Kong dollar requires borrowing. The interest rate is so high. How do international speculators make money? Of course, short-selling the stock index. Because the Hong Kong Monetary Authority wants to raise interest rates, Hong Kong stocks will naturally plummet.

    Make money by shorting the stock index, and continue selling Hong Kong dollars after making money until the Hong Kong Monetary Authority has no foreign exchange reserves.

    This is why international speculators can always defeat the central bank. There are as many as 3,500 hedge funds registered in the United States in the international world. It is still very easy to invest in a Hong Kong government. Plus Goldman Sachs, Morgan Stanley, JPMorgan Chase, UBS and  These hedge funds themselves are closely related, and international investment banks are actually the main new force, but they are not as unruly as hedge funds, and they have to take face into consideration.

    Therefore, the key to defeating international speculators is to cut off the opponent's capital chain. The source of cutting off the capital chain is to raise the stock index, forcing the opponent to not have enough profit points to support their short selling of the Hong Kong dollar.

    August 14th, Friday, the market will be closed for the next two days.

    In the morning, international speculators were still selling Hong Kong stocks on a large scale. They actually had a wrong prediction, that is, they thought that only the Hong Kong government was buying Hong Kong dollars. In fact, Hong Kong China Flag Investment Bank was also constantly buying Hong Kong dollars. The Hong Kong government  The Hong Kong Monetary Authority's foreign exchange reserves are still sufficient and far from the risk line they think they are.

    This will be their biggest failure.

    At 9:45 a.m., the legendary giant elephant in the Hong Kong stock market suddenly showed some special signs.

    The big elephant in the Hong Kong stock market is HSBC Holdings. Over the past few decades, HSBC Holdings¡¯ stock price has been slowly increasing. However, this ¡°slow¡± speed will make you faint. HSBC Holdings rarely rises.  The phenomenon of highs and lows is such a slow climb up.

    Among the blue-chip stocks in Hong Kong¡¯s Hang Seng Index, real estate stocks have always been the highlight. Almost every blue-chip stock has real estate business. These stocks have absolutely no value to bid up. As soon as you raise them, others will take the opportunity to cash out and clear out their positions.

    Different from the past, there are many more red chip stocks in the Hong Kong Hang Seng Index than before. Except for Bank of China, CITIC Futai, China Merchants International, Everbright, China Travel Service Hong Kong, and China Resources, almost all of them are shares of China Flag, including China Flag International, United  Eight companies include Finance, Qizhen Group, Sibao Group, Fubon Chemical, China Liquor Industry, China Automobile and China Electronics.

    However, Yang Shaozong still chose to start with HSBC Holdings.

    Because HSBC is a big elephant, its chassis is too big, and it accounts for the largest proportion in the Hang Seng Index.

    Starting from 9:45, HSBC Holdings has continued to have funds to buy, gradually rising from 151 yuan per share to 154 yuan. After lunch, HSBC Holdings continued to rise. Subsequently, China Flag International, United Financial and other Chinese flag systems  started to rise.

    Hong Kong stocks¡¯ blue-chip kings and red-chip stocks have both begun to rise. This situation is obviously abnormal.

    At this time, the market has basically got the news The parent bank of Zhongqi Investment Bank has officially intervened in Hong Kong stocks. The trend of Hong Kong stocks finally has some new changes. Before the close, the eight red chips of Zhongqi Group all showed obvious signs of buying.  .

    The market was closed on August 15th and 16th and opened on the 17th. The two sides continued to fight. The Hong Kong Monetary Authority still absorbed the Hong Kong dollars sold short by international speculators, while Hong Kong Zhongqi continued to fully absorb the constituent stocks of the Hang Seng Index in Hong Kong stocks.  Among them, HSBC Holdings and Hong Kong Telecommunications accounted for about 13%.

    In two days, Hong Kong Zhongqi spent 5.3 billion US dollars to absorb the Hong Kong dollars short-sold by international speculators, and used these Hong Kong dollars to continue to buy Hong Kong stocks. The other side began to take over the futures contracts on the market. How much did the opponent sell? Hong Kong Zhongqi  Just buy as many flags as you want.

    From August 17th to August 21st, the Hong Kong stock market was constantly gaming. Hong Kong Zhongqi had relatively concentrated funds and abundant cash reserves. It had been absorbing funds for a long time and steadily pulled the Hang Seng stock index back to 7,800 points.

    However, there are still 7 days left before the final settlement day. Both sides are waiting, and no one thinks that their opponent has much chance of winning.

    Hong Kong Zhongqi¡¯s chance of winning is that it has a large amount of funds and the Hong Kong and central governments are behind it. International speculators¡¯ chance of winning is that they have a large number of people. Probably because the opponent is Yang Shaozong. For the first time, Soros did not let his colleagues come forward to speak out and personally  He appeared in a TV interview with BC and declared that Hong Kong Zhongqi and the Hong Kong government had no chance of winning. Their behavior of interfering in the free market would eventually fail. Prior to this, the Indonesian and Thai governments and banks were ready examples.

    Now that the opponent has stood up in person, Yang Shaozong is not idle either. He personally appeared at the China Banner Bank Center Building to hold a press conference. His point of view is that the Hong Kong stock market has three characteristics: 1. Hong Kong stock market is Southeast Asia.Daniel McFadden, Yang Xiaokai, and Yang Shaozong won the 1998 Nobel Prize in Economics for their impact on individual measurement choices on the macroeconomics and international trade of various countries.

    When this news came, the whole of China was in jubilation. Everyone suddenly discovered that Chinese people can also win the Nobel Prize in Economics, and there will be two at once.

    For Yang Shaozong, this was quite satisfying. He really didn¡¯t expect to win the award.

    No matter what, he still won this award in a very "economical" way. The award itself is not important. What is important is that he suddenly has a real say in domestic economic policy.

    He represents two special forces. One is the largest private capitalist in the country, and the other is the best economist in the country.

    very good, very powerful.

    On October 23, 1998, he, Yang Xiaokai and Daniel McFadden went to Sweden to receive the award. Due to limited time, he only thanked his graduate supervisor Professor Li Zhaotang and doctoral supervisors Professor Yang Xiaokai and Professor Zhang Wuchang on the stage. Thank you.  Words like wife and daughter are too sensational. They usually only belong to international film festivals and have nothing to do with professional awards.

    Daniel McFadden thanked Dr. Yang Shaozong, believing that Yang Shaozong was the key, and thanked Yang Shaozong for preventing the robbery for Southeast Asia.

    These words really embarrassed Yang Shaozong.

    "When it comes to robbery, he is the most powerful one. Quantum Fund and Tiger Fund robbed each other for a while, but in the end they were both stolen by him and took advantage of them.

    No matter what, it is really a sensation in China.

    News Network immediately reported it. At this time, Yang Shaozong was still officially a member of the Central Financial Policy Advisory Committee, an advisor to the State-owned Enterprise Reform Group of the State Council, and chairman of the Presidium of the People's Congress of Qizhou City. As for him, he was the chairman of the board of directors of Zhongqi Investment Bank.  News Network chose to avoid talking about the truth.

    Domestic media and newspapers are almost all about Yang Shaozong on the cover, as well as various reports, just like in the United States, almost all reports are on the cover of Daniel McFadden.

    The reports in the Hong Kong media were even more crazy. Yang Shaozong once again made all the headlines overnight.

    He is the richest man in Asia and the winner of the Nobel Prize in Economics. This is a really complicated suspense. In the eyes of Hong Kong people, Yang Shaozong's more important identity is the protector of Hong Kong's financial market. He tore apart the entire international speculators in one breath.  .

    ¡°For a special reason that is difficult to explain, or it may be a pure market trust, almost every stock in the Zhongqi Group is rising further, pushing the entire Hong Kong stock market to rise.

    All in all, it was very confusing. Sometimes, Yang Shaozong himself was a little confused and doubted whether he had really won the Nobel Economic Prize. One thing is for sure, that is, he had won it, and it was already for him.  It is truly a thing of the past.

    He no longer needs to take this matter seriously. Only others and the central government take it seriously. Now it is the turn of the central government and various domestic institutions to worship him as a god.

    After returning from Sweden, Yang Shaozong did not take his Nobel Prize in Economics seriously. He declined interviews from domestic and Hong Kong media and concentrated on continuing to operate the acquisition of Standard Chartered Bank in Hong Kong with Liang Baitao and others.  !  
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