rebirth of change

In order to cope with the economic recession, the SAR government adopted an expansionary fiscal policy and increased the budget deficit.Every summer, the treasury's stock of Hong Kong dollars dries up, and government spending must go to the money market to exchange U.S. dollars for Hong Kong dollars.Just at this time, financial speculators sold large sums of Hong Kong dollars, and the HKMA logically bought large sums of cheap Hong Kong dollars for the government.

Just like martial arts masters fighting each other, one side underestimates the other's internal strength, causing its own internal strength to be continuously absorbed and dissolved by the opponent.

The first round ended at 04:30 p.m. on Monday, 1th, with a small win by the Hong Kong Monetary Authority, and the exchange rate stabilized at around 7 Hong Kong dollars to the US dollar.Because the extent of the stock market setback is not large, and the decline in the futures index is not large, the speculators returned without success.But they didn't stop.

Regardless of whether it is due to the completion of political tasks or economic interests, Hong Kong's financial market will usher in an unprecedented storm, and its intensity will even exceed the sum of all Southeast Asian countries. This is what Chen Kangjie realized is different from history. of differences.Not only did the foreign speculators not stop, they even doubled their size, and they started in the currency market and the securities market at the same time.

Perhaps they are well aware of the strength that the Hong Kong Special Administrative Region claims to have, and they even have a grasp of the financial strength of the mainland. Therefore, it seems that their opponents are more confident.

Starting from April [-]th, a large-scale "gamble of the century" began. The funds invested by both the enemy and the enemy amounted to tens of billions of dollars every day.

On April 650th, international speculators sold more than 90 billion Hong Kong dollars, and the SAR government gritted its teeth and bought them all.The exchange rate of the Hong Kong dollar is basically stable, but the foreign exchange reserves in the hands of the SAR government have decreased by US$[-] billion.

This shocked the Financial Secretary who came back from abroad. It is said that he did not fall asleep the whole night and secretly shed tears three times.

He is under too much pressure. If he loses, he will lose the money of all Hong Kong people. Even if he jumps off a building, he cannot make up for it.For the next half a month, he couldn't sleep well. To put it bluntly, even if he fell asleep, he would be awakened by nightmares.All nerves were tensed, and the shadow of fear lingered all over the body.

More than 600 billion Hong Kong dollars is only in the currency market. In the securities market, in order to cope with the decline in the stock market, the Hong Kong government also invested 230 billion Hong Kong dollars in it, taking a large short position.

If this speed is followed, it will take less than ten days, maybe eight days at most, and all the available money in the hands of the Hong Kong government will be exhausted.

The afterglow shone in from the floor-to-ceiling windows and fell on Chen Kangjie's resolute, steady and young face.In his hand, he was holding a report jointly drafted by officials from the Hong Kong Monetary Authority and the Financial Services Bureau. The time Chen Kangjie got this report was only 23 minutes later than the first time.

From this report, it can clearly reflect the fear of the financial officials of the Hong Kong authorities, and it also reflects how fierce the war is.

In the report, according to the analysis of the officials of the Hong Kong Monetary Bureau, "the general trend is over." If the central government does not take action, the Hang Seng Index will soon plummet to 4000 points, and bank loan interest will be at the highest level in history. Hong Kong is likely to "die" within 5 days. ". . . . . .The words clearly predicted the death of Hong Kong.

They may have no basis in their psychology while suggesting that the central government help. Otherwise, their tone would not be so pessimistic, with a completely restrained mentality.

Half an hour later, Chen Kangjie put the report aside. Having not smoked for a long time, he asked for a cigarette from his subordinate, stood upright in front of the window, and breathed out the smoke silently by himself.

It can be seen that Chen Kangjie is also under pressure.Of course, his pressure will not come from how much he earns and how much he loses. The key is that the burden on his shoulders this time is too great. The fate of more than 500 million Hong Kong people is in his hands, and the long-term prospects of the Republic are in his hands. The success or failure of the U.S. dollar is on his mind, not only is the burden of money too heavy, but also, the enemy he faces is not a loose money speculator, but a conspiracy backed by the Federal Reserve. Enemy I have encountered.

Half an hour later, Chen Kangjie returned to his desk, picked up the phone and called Huang Zhenhua.

The phone rang once and was picked up.

"Xiaojie, I'm about to call you too." Huang Zhenhua spoke first.

"I know why. I have read the report you forwarded to me. As they said, if the central government does not intervene, they are indeed likely to disarm within a few days. The opponent's strength is stronger than I expected. However, This also confirms my previous conjecture that this is definitely not an unorganized financial attack," Chen Kangjie said calmly, without revealing the slightest bit of pressure.

"Then what should we do?" Huang Zhenhua asked habitually.

"Haven't you communicated with the newly appointed prime minister? Previously, the financial work of the central government was under his control. He can be regarded as a promising expert in the industry. What's his opinion?" Chen Kangjie didn't answer, but asked instead.

During the two sessions in 1998, the government leaders changed. The previous prime minister went to the National People's Congress, and the capable and courageous executive deputy prime minister became the prime minister, with an overview of the first responsibility of administration.

During his tenure as executive deputy prime minister, he also served as the governor of the central bank, so he is very familiar with financial work.Facing such a major and critical issue now, this may be the top priority of his work in the recent period. Chen Kangjie guessed that this rumored grumpy old man would not have his own ideas.

"As you said, I just reported to the Prime Minister before I came back from his office. His opinion is that your opinion is the main one," Huang Zhenhua replied.

"What? He just said such a simple sentence?" Chen Kangjie didn't expect the new Prime Minister's opinion to be so concise, and he was quite surprised. How could he have no idea about such a big decision.

"I can't say that completely. How should I put it... I entrusted you with full responsibility before. This is a collective decision, and it is also the opinion of the Chinese comrades, so... Besides, the Prime Minister still believes that you are here. It’s just that when we were chatting with me, he mentioned that we should speak out strongly. First, we must resolutely ensure that the RMB will not depreciate. For the sake of Hong Kong, it is also to ease the economic pressure faced by the surrounding areas. Secondly, it is to express that the central government will fully support Hong Kong and do everything possible to ensure the prosperity and stability of Hong Kong. This is a great cause of the nation and a major event in history.” In the middle, Huang Zhenhua was embarrassed to express the real meaning of the Prime Minister from the side.

Chen Kangjie understood why the Prime Minister had only a simple conclusion of "mainly based on Chen Kangjie's opinion".

Although he is in charge of the government now, because of our country's special political organization structure, two of the three people who decided to entrust Chen Kangjie with important responsibilities were ranked ahead of him. In other words, they are all leaders of the Prime Minister.Therefore, as a subordinate, it is natural that he cannot disobey the leader's decision at will. Moreover, so far, Chen Kangjie has not made any major mistakes in his decision.

At the same time, he also knew that Huang Zhenhua and Chen Kangjie were closely related, so after he told Huang Zhenhua what he thought, Huang Zhenhua would definitely pass it on to Chen Kangjie.Although there are some twists and turns, this is also a manifestation of political maturity, and it is also a trust and test for Chen Kangjie.

"Since I say that, I feel relieved. My opinion is completely consistent with that of the Prime Minister, and some words have to be released by the Prime Minister himself. This not only shows the attitude of the central government, but also reassures the hearts of some Hong Kong citizens. to boost their confidence. However, I would like to add that part of the domestic foreign exchange reserves is really going to be lent to Hong Kong, preferably within three days,” said Chen Kangjie.

"Domestic foreign exchange can only be used at most 1000 billion yuan, which is the limit. In addition to setting aside a part to repay foreign debts, there are also some in the US bond market, which cannot be withdrawn in a short time. Moreover, according to the current intensity and speed , I am afraid that 1000 billion US dollars will not last long," Huang Zhenhua said nervously.

"It's okay, as long as I can support it, I'll take care of the rest," Chen Kangjie said firmly, gritted his teeth.

"Xiaojie, you have to be cautious in everything. We can't lose this big gamble, and we can't afford to lose." Huang Zhenhua involuntarily urged.

To be honest, Huang Zhenhua's pressure is not less than that of the senior officials of the district government, and even worse.He hasn't had a good night's sleep for two months. The news from Hong Kong every day is like a fire burning under his feet, making him anxious and restless.As he said, Chen Kangjie can't afford to lose, the SAR government can't afford to lose, and he, Huang Zhenhua, can't afford to lose even more. He said that he bears the greatest historical and political responsibility.

"Uncle Huang, I understand, don't worry, I will be cautious."

On the second day after Huang Zhenhua and Chen Kangjie had a phone call, the Prime Minister solemnly stated at a financial conference that the RMB would not depreciate. This was a responsibility to other friendly countries and also to himself.The government will take various effective measures to deal with it.At the same time, he also stated that the central government will do everything in its power to help Hong Kong stabilize the market.He said that he believes that the fundamentals of Hong Kong's economy are good, and that Hong Kong cannot and will not repeat the mistakes of other Southeast Asian countries, because it is a battle of 12 billion people united.

On the same day, the Chief Executive delivered a speech to reporters. He said tragically, "Maintaining the linked exchange rate is the most steadfast policy of the SAR government. If anyone thinks that we will waver, they are wrong! We are absolutely capable of We are determined to maintain the pegged exchange rate, and we will definitely do it. Maintaining the pegged exchange rate will ensure Hong Kong's long-term economic vitality and interests, and short-term pain is acceptable."