The leisurely life of rebirth.

Although this hunt cannot stop the issuance of the euro in the end, if it doesn’t work once, then do it again. Anyway, you can’t let you grow stronger, threatening the status of the US dollar leader, it’s really death at the touch of a finger!And it's ugly to die.

The financial defeat is worse than the atomic bombing. The previous currency wars launched by the United States in other regions are experienced, and they are played with proficiency, and they succeed every time.

It's really worthless and earning a lot of money!

One ebbs and another, either you die or I die.

At the same time, Cheng Shigui's office in Hong Kong was brightly lit. It must be the same for other financial institutions, which have been sleepless all night since September.

Cheng Shigui and Wu Zhihong sat at the desk, looked at the computer screen from time to time, raised their glasses and laughed, "Cheers!" to celebrate their victory over Lira.

The two took a sip of the red wine, and Cheng Shigui's slender fingers held the wine glass lightly and shook it, and the wine "liquid" shook regularly.

"Do you think Germany will save Britain?" Wu Zhihong frowned and said, "Yesterday, Germany officially announced that the discount rate will be reduced by half a percentage point, from 875% to 825%. This is the first interest rate cut in Germany in five years."

"It's too late! Doing so will only cause greater panic! Bah! The foreign exchange market has already reacted first. The exchange rate of the pound has fallen all the way. The exchange rate between the pound and the mark has broken through three lines of defense and reached 1 pound equal to 280 marks. [

From July, Germany raised the discount rate and ignited the fuse, then Finland was a lit canoe filled with firewood, and from Italy it was a burning small sampan.What is the burning company, this is it, and there is no way to recover it.The changes in the market are subtle. Once the confidence is shaken, the general trend has come, and the trend of exchange rate changes will be difficult to stop. "Cheng Shigui squinted his eyes and said intoxicatedly.

"Besides, Germany is too busy to take care of itself, so there is no way to save others. With the fall of the Berlin Wall in November 1989, many people thought that a new, unified Germany would rise and prosper rapidly.

However, the new Germany was bound to experience a period of economic hardship due to the reconstruction of the old East Germany.Germany will pay more attention to its own economic problems, and have time to help other European countries tide over economic difficulties.This will have disastrous consequences for the economies and currencies of other European countries. "Cheng Shigui said. "As for the thing that the Yankee stabs the knife in the back, he often does it. A unified and powerful Europe is not in the interests of the Americans.

Who threatens US interests.He will kill him without hesitation.Just like Japan two years ago. "

The first to fall in this war was Finland in Northern Europe.After Germany raised interest rates.The Finnish people exchanged the Finnish mark for the German mark one after another. In order to maintain the price comparison between the Finnish mark and the German mark, the Bank of Finland had to sell the German mark to buy the Finnish mark.But the Finnish central bank's deutsche mark reserves were limited and quickly depleted. In September, the Finnish central bank has maintained the parity between the Finnish mark and the German mark. On September 9, the Finnish "government" was forced to announce that the Finnish mark would be decoupled from the German mark and float freely.

The British and French "governments" were deeply worried about the withdrawal of the Finnish mark, and suggested that Germany lower interest rates appropriately to reduce the pressure on the currencies of other member states to depreciate. On September 9, Schlesinger, the president of the Bundesbank, even publicly announced that Germany would never lower interest rates, which further encouraged the confidence of speculators.

Among Western European countries, Italy's comprehensive national strength is obviously weaker than Britain, France, Germany and other countries, and the Italian lira has always been regarded as a 'soft currency'.With the withdrawal of the Finnish mark, the Italian lira has become particularly prominent. International capital decided to attack the lira, just like a lion always looks for the old, weak and sick among its prey when hunting.

Hunting always begins with the weak, and the persimmons must be picked from the weak.

Prior to this, international capital had already been mobilizing the devaluation of the Italian lira and set up a trap for the devaluation of the lira.There are many ways to speculate on the depreciation of the lira. The simplest method is to borrow a large amount of lira in the market first, then sell it at a high level to suppress the exchange rate of the lira, and then buy it back to repay the loan after the lira depreciates.Then there is the use of foreign exchange options to sign a lira put option at the current higher market price, and execute the option to make a profit after the lira depreciates.In line with the blow to the Italian lira, Moody's, a well-known rating agency, downgraded Italy's debt rating from 7 to 1 in July.It's even worse.

In order to maintain the exchange rate between the lira and the German mark, Italy had to repeatedly raise the interest rate of the lira. On September 9 and 7, Italy raised the bank discount rate twice in a row, from 9% to 12%.However, Italy's fragile economic law bears such a high interest rate. Raising interest rates not only fails to boost people's confidence in the lira, but instead arouses people's concerns that high interest rates will damage the Italian economy, and the lira continues to depreciate. On September 15, the lira fell to the lower limit of the Deutsche mark in the exchange rate mechanism of the European Monetary System. On September 9, the European Community announced the adjustment of the exchange rates of 12 currencies. The Italian lira depreciated by 9%, while the other 13 currencies appreciated by 11%. The actual depreciation of the lira was 35%.

Even with a 7% depreciation, the lira remains overvalued and speculators continue their onslaught, selling the lira like crazy.Moreover, the previous 7% depreciation of the lira has benefited international capital a lot, which instead increases the chances of international capital continuing to attack the lira.Italy's central bank was forced to buy lira in large quantities to maintain the lira's exchange rate stability.After less than a week of fierce fighting, Italy's central bank has almost depleted its 400 billion Deutschmark foreign exchange reserves and is no longer struggling to maintain the lira's exchange rate.Today I have to raise the white flag to surrender.

"On the 10th, the "Wall Street Journal" published an interview with Schlesinger, the president of the German Central Bank, in which he evasively mentioned: 'The problem of instability in the European monetary system can only be solved by the devaluation of some national currencies. ...' Although he did not mention which countries the 'partial countries' were, the implication was enough for financial predators who smelled blood."

Wu Zhihong said with a smile, "The Germans have abandoned Britain and lifted the protection of the British pound. This is really a great irony. When Germany invaded Britain in World War II, the British relied on the help of the Americans to win. However, when London In order to defend the British pound against the currency attack launched by the United States, the British need the protection of the Germans!"

"There are only eternal interests between countries." Cheng Shigui said coldly. "Since the UK joined the new currency system created by Western European countries in 90-the European Exchange Rate System. At that moment, the UK made a decisive mistake."

For his mistakes, especially when the Maastricht Treaty was signed, it was foreseeable that the European exchange rate system would be difficult to harmonize due to the economic strength of each country and its respective national interests. [

Once some of the "chains" that make up the European exchange rate system loosen, financial predators like Wall Street, like sharks who smell blood, will take advantage of the situation and attack these loose "chains", while other tides 』Followers like Liu Xiang and Cheng Shigui will also act on hearing the wind, making the exchange rate fluctuate even more. In the end, the reliance on the wind-following mechanism is much greater than the capacity of the market to accept them, until the entire system is destroyed.

The British economy has been in a long-term recession and is in a lot of difficulties. It is impossible for the UK to maintain a high interest rate policy. The only feasible way to stimulate the country's economic development is to lower interest rates.But if Germany's interest rates are not lowered, the UK's unilateral rate cut will weaken the pound and force the UK to withdraw from the European exchange rate system.

Although Germany had lowered its discount rate yesterday, it was too late and the market was confident.

Besides, there are mental calculations, Wall Street, Cheng Shigui and some other speculators have been expanding the size of their positions in the past few months, preparing for the attack on the pound.

"This battle made Soros a success." Wu Zhihong raised her slender legs and put them on the desk, with a faint smile on her lips.

"Why do you want to stand under the spotlight and accept the worship of the world." Cheng Shigui kicked him, and Wu Zhihong had already guarded against his move, and quickly avoided it.

"Oh! Forgive me!" Wu Zhihong said with a thankful expression. "If Soros was alone in the contest with Britain, the British "government" might still have a glimmer of hope, but the participation of many speculators in the world made the two sides of this contest very different, and the British "government" was doomed to fail."

"Look! Look, the exchange rate of the British pound has dropped to 278 marks." Wu Zhihong pointed at the computer screen.

"Let's add fire and continue to sell the pound." Cheng Shigui smiled and gave an order.

"Looking at the screen glued up and down, it was really a terrible fight." Wu Zhihong looked at the computer screen and felt his heart throbbing. Every time the number changed, the heartbeat would speed up and the blood pressure would rise.

Generally speaking, the depreciation of a country's currency will usually promote the country's exports, which will lead to the rise of the country's stock market; while the appreciation of a country's currency will often lead to the decline of the country's stock market.

Wall Street attacked the British pound in a three-dimensional and all-round way, not only buying British stocks, but also shorting stocks in the German stock market.If only Soros was fighting against Britain alone, the pound might still be able to hold up, but unfortunately, he has never been fighting alone, and other American capitals have long wanted to take advantage of it.Soros' actions triggered a large number of follow suits, and the pound was sold heavily.The battle between hedge funds and the Bank of England is raging.

The movement of time every minute and every second is a kind of torture for both parties in the stalemate. The financial market is changing rapidly, because no one dares to say that he is the winner until the last moment.

Cheng Shigui and the others were also staring at the computer screen, receiving phone calls from Diao Rong and the others from time to time. (To be continued..)

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