rebirth of change

Before the big battle that Chen Kangjie really needed to personally intervene began, the people of Hong Kong had already experienced several months of frightening.

Under the tide of the financial crisis sweeping East Asia and Southeast Asia, coupled with the malicious promotion of international speculators, the Hong Kong stock market was like a roller coaster rushing down from a high point. The stock index continued to fall from [-] points in the middle of last year until the end of March At that time, it even broke through the extremely dangerous threshold of [-] points and reached [-] points.

It can be said that in just over half a year, the Hong Kong stock market has evaporated more than two trillion Hong Kong dollars.The stock market is bleak one after another.

Of course, those international speculators haven't really made any money yet. They invest in stock index futures. Only when the stock market falls below a certain point for a long time can they obtain huge profits.

During this period of time, the senior officials of the SAR government were devastated and tried every means to restore the market's decline. However, facing the general downward trend in the region, they had little effect.Huang Zhenhua, a senior central official who is in charge of this issue, is fidgeting and terrified.The reported figure he gets every day is that he has lost tens of billions of Hong Kong dollars.Although the money has a certain virtual component, it is enough to make people tremble.

It is not these government officials who are most anxious, after all, it is not the money in their pockets that is lost.The most urgent ones are those big entrepreneurs and businessmen, whose assets have shrunk rapidly in real money.

Not to mention anything else, the top 600 richest people represented by Sir Li, Zheng Yutong, etc. alone have lost more than 5000 billion US dollars in the stock market, close to [-] billion Hong Kong dollars.

They are sad, and Chen Kangjie's green pine days are coming to an end.Sir Li and Zheng Yutong, as representatives of Hong Kong entrepreneurs, approached Chen Kangjie more than once, because they believed in Chen Kangjie's ability and persuaded other business friends to join the battle to defend the Hong Kong market.Even Xiang Yan, who had always believed in Chen Kangjie, was shaken. The boss is having a hard time now, the family assets have shrunk by two-thirds, the family brothers have great opinions on him, and the gang is affected by the economic crisis. There have been more incidents recently, and the government has put a lot of pressure on him.

Chen Kangjie was like Jiang Taigong who sat firmly on the Diaoyutai. Every time they approached Chen Kangjie, he said "no rush".They approached Ouyang Zhenhua again, and the answer they got was "no rush".

But starting from Wednesday, April [-]st, everyone was in a hurry, even Chen Kangjie was ready.

On April 223st, international speculators sold 50 billion Hong Kong dollars. They also warmed up before, selling 200 billion Hong Kong dollars every day, but from this day, they suddenly increased several times and directly rose to more than [-] billion.

In order to cope with the challenges of major Western investment groups and hedge funds, Chen Kangjie set up three lines of defense.The first line of defense is the local businessmen in Hong Kong rushing forward and defending themselves.It's just that until now, they have run out of funds, suffered heavy losses, and have no power to fight back. The next step is to use the second line of defense.

The second line of defense set by Chen Kangjie is the SAR government, and Huang Zhenhua will complete the coordination work. It is inconvenient for Chen Kangjie to come forward.

Hong Kong is a free economic center. The government promises not to interfere with market operations, especially in the financial sector. This is the inherent guarantee for Hong Kong to be called Asia's international financial center.

However, the situation we are facing now is that the fierce enemy is present. If the SAR government does not stand up to resist directly, Hong Kong will really fall.

In order to increase the market pressure on the Hong Kong dollar, there is currently such a voice in the international public opinion circles that the RMB will definitely depreciate. As long as the RMB really depreciates, let alone other countries with close trade relations with China will suffer heavy losses, especially after the recent catastrophe. The looted Southeast Asian countries and the Hong Kong market will suffer even worse, and even the linked exchange rate system will collapse instantly.

Therefore, the market is generally not optimistic that Hong Kong can survive alone. Moreover, international speculators have made gains in every tentative attack on Hong Kong before. In July last year alone, they made more than 80 billion Hong Kong dollars in profits from a tentative attack on Hong Kong. , October, and several small attacks in March 9, none of which came back empty-handed, and the least one also received a profit of 1998 billion Hong Kong dollars.

In such an atmosphere, they decided to make a ruthless attempt to defeat the Hong Kong dollar. In that case, with the delivery of stock index futures, their income would not be simply billions of Hong Kong dollars, but at least hundreds of billions of Hong Kong dollars or even Over one trillion Hong Kong dollars, this kind of loss is something that Hong Kong cannot afford.

The severe predicament makes it impossible for the SAR government to stand idly by the market this time, and the government also lost 640 billion Hong Kong dollars in the previous attack.

Through the coordination of Huang Zhenhua, the SAR government finally changed its normal state and stated that it would come forward to stabilize the Hong Kong dollar and the stock market.

This attitude is not easy to express.The decision is made by the Chief Executive. However, the person in charge is a response team composed of the Financial Secretary, the President of the Monetary Authority, and the Director of the Financial Affairs Bureau. If this action fails, the Financial Secretary will be the first to take responsibility. Not only will his political career end here, but he may also bear a heavy historical infamy.

In order to fulfill the duties of an official and to protect a prosperous Hong Kong, the Financial Secretary was the first to stand up. He personally expressed to the Chief Executive that if he fails, he is willing to take all responsibilities.

The more than 200 billion Hong Kong dollars sold by international speculators on April [-] were immediately fully absorbed by government funds.This move immediately made the Financial Secretary a target of public criticism. Not only foreign investors and the media criticized him, but even some investors and media in Hong Kong also attacked him, because his move destroyed the free financial center of Hong Kong. The imagination of the government has shaken the capital that the government does not directly participate in economic activities.As soon as he appeared in public every day, he would immediately hear all kinds of unpleasant voices.

As a last resort, the chief executive gave him a few days off and asked him to go to Eastern Europe to talk about cooperation matters, which is to avoid the limelight.

On April 300, Thursday, international speculators sold another 15 billion to [-] billion Hong Kong dollars on this day, and the government funds still absorbed all of them.

The money of these international speculators is not all their own, all of them are borrowed from banks through credit loans, which is equivalent to using Hong Kong people's money to attack Hong Kong. Of course, if they win, the loan interest is nothing at all, but , once they lose, their losses will also be very heavy.

The president of the Hong Kong Monetary Authority is surnamed Ren. People gave him the nickname "Ren Renzhao", which means that whenever financial speculators kill generals, the only way for the HKMA is to raise interest rates and increase the cost of financial speculation. To resist the attacks of speculators, maintain the linked exchange rate.

This approach is effective, but it is also a double-edged sword.After several upgrades, the current dismantling interest rate has increased by 6500%. If the lending interest rate is increased significantly now, it will cause too much damage to the stock market and property market.Hang Seng Index fell to [-] points will be the lowest limit the banking system can bear.According to the analysis of Chen Kangjie's financial experts, if the stock market and real estate market fall further, banks will have no choice but to sell a large number of relevant mortgage assets, which will set off a vicious sell-off wave in the stock market and real estate market. Some small and medium-sized banks may even have bad debts. Excessive and facing the fate of bankruptcy.One hair will affect the whole body. Once some banks start to fail, Hong Kong's banking system is bound to suffer a fatal chain blow.

Therefore, Chen Kangjie sent Huang Zhenhua's first message with a sense of command, which was to ensure that he could not raise the lending interest, and could only use funds to take the move head-on.How to coordinate is his business. Chen Kangjie only told him that if the dismantling rate continues to rise, the cost Hong Kong will pay will be ten times that of international speculators.

After repeated coordination and consultations between the economic authorities of the central government and the SAR government, they finally gave up the means of continuing to raise the lending rate and adopted the head-to-head method that every time a speculator sells a Hong Kong dollar, the HKMA will eat the next one.

This approach is extremely risky, but the benefits are not small.It is said that he is at great risk because once the SAR government's reserves are exhausted, there is only one situation to face, that is, let me take advantage of it, which is a great competition of strength.It is said that it has made a lot of profits because according to the regulations of the Hong Kong Monetary Authority, if the Monetary Authority wants to buy back Hong Kong dollars with U.S. dollars in the foreign exchange market, it must buy them at a fixed exchange rate of 1 U.S. dollar to 7.8 Hong Kong dollars.But this time, they bought all of them at the price of 7.75 Hong Kong dollars, which is equivalent to making a profit.

In three days, the SAR government bought 58 billion Hong Kong dollars from the market, which is unprecedented in the financial history of Hong Kong, and the government has never been directly involved in specific financial fields like this, and it has also made a profit .

Of course, whether it will make a profit in the end will not be known until the final result is released.It's just that this move by the SAR government has already brought them a lot of criticism. Apart from criticizing them for daring to operate in the market, some people also criticized them for competing with the people for profit.Among them, many people are naturally speaking for those international speculators. No matter when, it seems that there are always people who lack this kind of virtue among our citizens.

It is impossible for the SAR government, which is already facing a difficult situation to ride a tiger, to back down at this time, and there is no room for them to back down.It has already started, and it is not easy to stop. There is only one way to go to the dark and completely win this financial war. Only in that way, the current infamy can always be washed away, otherwise, you will be a sinner in history.

Chen Kangjie, who lives in the mainland, doesn't stay at school in the afternoon these days. He has to work in his office for at least five hours a day, collecting a lot of information on his desk from various aspects, which needs to be considered and handled by him.At the same time, he realized that this attack on Hong Kong was a little different from the original history. Therefore, the tactics needed to be constantly modified based on market reactions.