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Chapter 410 The Storm Is Coming! (Ask for a monthly ticket!!!)

Wednesday, October 1997, 7.

Chen Yangzhe was signing documents in the office when suddenly the door of the office was pushed open vigorously.

Chen Yongji, Chen Dongji, and Chen Huaying three brothers and sisters appeared at the door out of breath.

"What's the matter, all of them are frizzy, what do they look like?"

"Dad, something serious happened!"

Chen Yongji ignored the explanation and turned on the TV directly.

A financial news is being broadcast on the TV screen, and the Thailand Stock Exchange is in chaos.

"The baht. Crashed."

Chen Yangzhe's face is also pale at the moment. After experiencing "Black Monday" and "Japanese economic bubble", another financial tsunami is about to hit, and this time it will no longer just spread like before, and the whole of Asia will be in the center of the tsunami , the consequences are simply unimaginable.

The three of Chen Yongji looked at each other with fear on their faces. If they hadn't received the news in advance, contracted their business, and stored a large amount of liquidity, I am afraid that Shunyang Group would also be ups and downs in this financial tsunami, or even fall directly.

In Thailand's financial market, after two consecutive tentative attacks, Soros's third attack can be said to be desperate. He joined forces with some other international capital to mobilize nearly 200 billion U.S. dollars, and finally consumed the remaining 300 billion U.S. dollars in Thailand. Clean, and then spread rumors in the market, Thailand could not withstand the multiple pressures, and made a foolish move, announcing the implementation of the floating exchange rate system of the Thai baht.On the same day, the exchange rate of the Thai baht against the US dollar plummeted by 18%, the foreign exchange and other financial markets were in chaos, and the Thai financial crisis officially broke out.

In fact, Thailand, which is at the end of its rope, has no other solution. It can only watch the Thai baht pour down all the way and gradually become a waste paper.

All things related to finance, whether it is stocks, bonds or currencies, are originally worthless. What makes them valuable is confidence. Once confidence collapses, their value also collapses.

This is undoubtedly a bolt from the blue for Thai companies that rely on foreign funds for production and repay foreign debts in baht.The common people in Thailand were also frightened. The run caused 56 banks to close down, the Thai baht depreciated by 60%, the stock market plummeted by 70%, and the assets of the Thai people shrank like a jump.

Under the financial crisis, Thailand's stock market and the already fragile industrial system collapsed together. After more than ten years of hard work, the shadow of the industrial society finally disappeared at this moment.

Seeing it rise up a tall building, seeing it feasting on guests, and seeing its building collapse.

Crisis and opportunity have always been a pair of twins. For Asia, it is a financial crisis, but for international capital led by Soros, this is a gluttonous feast for making money.

While attacking the Thai baht, these international capitals are also attacking everywhere.

In August, Malaysia abandoned efforts to defend the ringgit.The Singapore dollar, which has always been strong, was also affected, depreciating by more than 8% in one day. Although Indonesia was the latest country to be "infected", it was hit the hardest.

In late October, when international speculators moved to Hong Kong, an international financial center, the Taiwan authorities suddenly abandoned the exchange rate of the New Taiwan dollar, which depreciated by 10% in one day, increasing the pressure on the Hong Kong dollar and the Hong Kong stock market.

On October 10, the Hong Kong Hang Seng Index fell sharply by 23 points; on the 1211.47th, it fell by 28 points, falling below the 1621.80-point mark.In the face of fierce attacks from international financial speculators, the Hong Kong Special Administrative Region Government reiterated that it will not change the current exchange rate system, and the Hang Seng Index rose, reaching the 9000 mark.

As of the end of October, the whole of Asia was devastated. Except for Xiangjiang, which was backed by the mainland, which stopped the malicious short-selling of international capital, Singapore, Indonesia, Malaysia, and Thailand were almost wiped out.

Faced with such a tight financial environment, Korea is also like a bird of fright. The stock market is falling every day, and prices have also risen sharply, and the people are complaining.

However, the real test has just begun.

In mid-November, international speculators turned their attention to East Asia after scouring South Asian countries. Koryo was naturally the first to bear the brunt. The main reason why they chose Korea instead of Japan was that Japan's foreign exchange reserves were too sufficient. I'm not stupid, I must be looking for a soft persimmon.

It is obvious that Koryo is a soft persimmon in their eyes, and that is exactly the case. Under the repeated attacks of these international speculators, on November 11, the exchange rate of the Korean won to the US dollar fell to a record 17:1008.

You must know that the exchange rate of the Korean won to the US dollar has never fallen below the 900:1 mark before. Such a large drop has caused the people of Korea to want to convert their Korean won into US dollars like crazy, which further triggered the depreciation of the Korean won.

Some banks even directly canceled the business of exchanging Korean won for US dollars. Many Korean people gathered around the entrance of the bank and raised banners to express their protest.

"Dad, shouldn't we too"

Before Chen Yongji finished speaking, he was directly interrupted by Chen Yangzhe: "Idiot, the cancellation of the exchange business at this time is undoubtedly telling the people of the whole country that our Shunyang Group's foreign exchange reserves are insufficient, and tomorrow Shunyang Group's stock price will fall." hit rock bottom."

"But Dad, if this continues, the dollars we have accumulated so hard will be exchanged." Chen Dongji reminded.

Chen Yangzhe also frowned when he heard the words, and after thinking for a long time, he said to Chen Dongji.

"In this way, from now on, you ask the bank to issue an announcement saying that international speculators are suspected of using our bank to consume the country's foreign exchange reserves, so each account has a weekly limit of 1000 US dollars. In addition, the latest savings users need three The business of exchanging dollars can only be used after a month!"

Chen Dongji's eyes lit up. As expected of an old man, he could come up with such a way to get the best of both worlds.

"What are you still doing in a daze, why don't you hurry up!" Chen Yangzhe gave his second son a look, and sent him away without even giving him a chance to flatter him.

Chen Yongji saw that his father's face did not show the slightest joy of solving the problem, and asked cautiously: "Father, are you worried about whether Korea can withstand the offensive of international capital?"

Chen Yangzhe sighed: "The attack of international capital is not the decisive factor. You must know that the entire Asian economic circle is interdependent. Doesn't our Shunyang Group also have various investments in other countries? It's over!"

"Fortunately, we withdrew a lot of investment ahead of time. At least there should be no problem with self-protection. After the financial tsunami this time, Shunyang Group should be able to firmly sit on the throne of Korea's No. [-] consortium." Chen Yongji flattered.

When Chen Yangzhe heard the words, he thought of his grandson again. Although he did not predict the exact time, he predicted the financial storm a year in advance. Such a keen sense of the market is simply amazing.

"Fortunately, this kid was born in my family, otherwise he would be a headache opponent."

Under Chen Yangzhe’s operations, Shun Yang Bank did not consume a lot of foreign exchange due to the run, and won the support of users. Although it is a bit small to exchange only 1000 US dollars a week, it is better than other banks directly stopping the exchange of US dollars. business, and even some banks went bankrupt directly because of the run.

There is no harm if there is no comparison. Shunyang Bank was originally a marginal business in the entire Shunyang system. After this time, it became the only company in the group whose performance rose against the trend. A large number of people transferred money from other banks to Shunyang Bank. Even the stock price of the entire Shunyang Group has also increased slightly.

However, under the general environment of the financial turmoil, Korea as a whole is in a situation that may collapse at any time.

11月21日，高丽不得不向国际货币基金组织求援，暂时控制了危机。但到了12月13日，韩元对美元的汇率又降至1737.6：1。

Such an exaggerated exchange rate is equivalent to the assets of all Korean people have shrunk by half, and there is a lot of grief for a while.

And this is just the beginning, the first consequence of the exchange rate crash is the stock market crash.

The stock market crash has caused a large number of companies to run out of cash flow. Banks can't collect their loans, so they can only apply to freeze the accounts and various assets of the company. The company goes bankrupt, and the workers are laid off. Rolling down, everyone is engulfed in a downward fall, and there seems to be no end to it.

Not only that, the collapse of Goryeo has also impacted Japanese financial companies, because many Japanese financial companies have invested heavily in Goryeo, which made Japan, the only country that had not suffered much loss in this financial turmoil, suddenly suffer, the stock market The sudden drop means that Japan holds a large amount of foreign exchange reserves, and those international speculators dare not make a move against Japan, otherwise Japan is estimated to follow in the footsteps of other Asian countries.

On New Year's Day in 1998, Qin Hao, as a representative of the Samsung Group, was invited to the Blue House to attend an economic restructuring meeting.

This is also Qin Hao's first time to participate in such a high-level meeting. The reason why he was able to receive such a courtesy is because Samsung Group's performance in this Asian financial turmoil is outstanding.

In an environment where a large number of established Korean companies have closed down and went bankrupt, Samsung has grown against the trend by relying on its mobile phone and computer businesses. Not only has it not laid off employees, but it has created a lot of jobs.

On the one hand, Qin Hao still holds a large amount of US dollars, which are very precious foreign exchange reserves for the Blue House. Inviting Qin Hao to participate in this meeting is equivalent to officially certifying his status as a chaebol.

"Grandpa." As soon as Qin Hao arrived at the door, he saw Chen Yangzhe chatting with another chaebol, and couldn't help but smile secretly. The old man probably waited here because he was worried about him, but he was thin-skinned and embarrassed to show it.

Chen Yangzhe glanced at Qin Hao arrogantly, and then said to the chaebol beside him, "Let me introduce you, this is Chairman Chen Haojun of the Samsung Group, and this is Chairman Kim of the Hanwha Group."

Chairman Jin said to Chen Yangzhe with a smile: "Okay, don't hold it up anymore. With such a good grandson, if it were me, I would like to hang a sign on my body every day to show off."

"You are still the same, and you can't change your mouth in a lifetime." Chen Yangzhe was not angry, and laughed and cursed.

"President Jin, I have heard about your deeds a long time ago, and I hope to learn more from you in the future." Qin Hao said politely.

Chairman Jin waved his hand: "I have nothing worth learning from you. It took me decades to be qualified to come here for a meeting. You did it before you were 20 years old. You are awesome!"

"Hey, you're talking like you're going to retire. I'm not old."

"Haha~~~"

After a while of pleasantries, the three of them came to the meeting room.

It didn't take long for many chaebols to come in, and the youngest one was over 50 years old. Qin Hao was particularly eye-catching inside.

Naturally, there are also many chaebols who are polite and flattering. It's not that Chen Yangzhe's popularity is so good, but that everyone's life is hard at present. Chen Yangzhe's Shunyang Group and Qin Hao's Samsung Group seem to be doing well. These old silver coins just want to get some benefits from them.

However, when everyone was chatting enthusiastically, a familiar voice approached from far away, with a tone full of disdain.

"If the old guy wants to show off, don't hide it. It's disgusting."

The one who dared to face Chen Yangzhe directly, Qin Hao didn't even need to look back, knew that it must be Zhu Rongyi from Daying Group, who could be said to be Chen Yangzhe's lifelong enemy.

If it was before, Chen Yangzhe would have been furious long ago, and would have had a fight with this old guy, but this time he seemed extremely calm.

"Hmph, you have to show off, unlike someone, who has five sons, so what? It's not as capable as one of my grandsons."

"you!"

The two of them confronted Maimang, and they were about to pinch each other. Before everyone could persuade them to fight, people from the Blue House came. The person who presided over the meeting this time was a deputy minister in charge of finance.

The deputy minister looked like he was in his 50s, and he praised all the people as soon as he opened his mouth, which was not nutritious. It was nothing more than praising their contribution to Korea's economy.

After the official talk, finally came some dry goods.

The central idea is to require the chaebols to shrink their business scope, cut off some unimportant businesses, and fully develop their main business in order to obtain government loan support.

For this request, it is obvious that the chaebols present are not very satisfied. This is equivalent to cutting off their own tentacles, and it will be even more difficult to develop other businesses in the future.

There was a moment of silence in the conference room.

Seeing this, Qin Hao took the lead to speak: "Then our Samsung Group, with the existing sufficient funds, can we get some preferential policies for developing new businesses?"

"Well, this is theoretically possible, but what type of business the Samsung Group wants to develop, still needs further communication."

Saying this is tantamount to not saying it.

Chen Yangzhe was also dissatisfied and asked: "Then how to distinguish this unimportant business? I think all the businesses of Shunyang Group are the main business."

"Yes, our Daying Group is also the main business, and there is no way to give up."

Zhu Rongyi of the Daying Group also chose to stand on Chen Yangzhe's side at this moment. Although they were fighting to the death in private, when facing the official, the chaebols were still very united.

The rest of the chaebols also expressed their dissatisfaction.

(End of this chapter)