My 1982

After Li Zhongxin came out from Wang Bo's family, he knew that Wang Bo's level was over.

Among these two hours of talking, Li Zhongxin took out his own decisions, but finally, Wang Bo was full, but Li Zhongxin had a feeling. In the future, he wanted Wang Bo to completely, it is already very difficult.

What kind of national righteousness, what faith is now inseparable from Wang Bo's management, and the faith company now needs Wang Bo. He is doing now. It will bring considerable benefits for the Chinese government and the people. It will play a quite large to China Help, I will give Wang Bo to explain what he has to do for a long time.

Li Zhongxin is clear, his three is about what foreign exchange transactions, stock trading, etc. These things are basically the door, even if he gives Wang Bo, that is also a cow, so Li Zhongxin is more important, Wang Bo can listen I understand something.

In the morning of July 2, Li Zhongxun had breakfast, after the parents went to work, he directly arrived at the office near the post office.

After the office, Li Zhongxin told the security personnel who was responsible for the security work of this office to strictly control the stairway of the upper building, without his allowance, no one may enter his office.

Sitting in the office, in the time of sealing the half-the-mountain tea, Li Zhongxin gave the three wells and the village Huixiang, and after the things they had to do, Li Zhongxin. It quietly waited for the beginning of this financial crisis.

When I watched the international news in Li Zhongxin, I suddenly saw that there was an important news in the financial website there, Thailand suddenly announced that the fixed exchange rate system is implemented!

On July 2, 1997, the Thailand Ministry of Finance and the State Bank announced that Thai Coin implemented a floating exchange rate system, abandoning the exchange rate system of Thai currency and dollar hooks in many years.

State Bank issued a statement on the 2nd to say that Thailand implemented a floating exchange rate system, and the value of Baht is determined by the market to reflect the basic situation of the economy, which will be beneficial to the development of the overall economy in Thailand.

DETEL, THE, said that the implementation of the floating exchange rate is a weekly considered, which is a way to solve the country's economic issue.

He said that the implementation of floating exchange rates will have a very big impact to Thailand financial markets in the short term, but Thai currency will be stable for a long time.

Poor Wali Premier said that the National Bank announced that Thai currency implements a floating exchange rate system, adapted to the current economic situation, which is the best way to solve current economic problems.

Poor Shui said that in the short term, foreign and national investors will restore confidence in Thai baht, Thailand is a very fast-growing country, with a good economic foundation and credit foundation, carry out such a exchange rate system, is A release of Thailand has an important role in continuing trade in Thailand.

According to the interpretation given by the Thai government, in May 1994, the international foreign exchange market reversed, and the US dollar was appreciated by the main currency by depreciation, the US dollar index continued to go up.

Since Thailand has implemented the exchange rate system of the US dollar, the baht has to follow the US dollar, and the Thai baht appreciation has created a serious impact on export and economic growth.

From 1991 to 1995, Thailand's export growth rate was 18.9%, a sharp drop in 1996 to -0.2%.

From 1991 to 1995, the economic growth rate of Thailand was 8.6%, which fell sharply from 5.9% in 1996. In 1994, Thailand's regular account deficit was $ 8.9 billion, $ 14 billion in 1995, reached $ 16.3 billion in 1996, accounting for 6.4%, 8.5% and 9.1% of the gross domestic product, far exceeded the international warning line. Level.

In theory, when a major account continues to have a large deficit, the foreign exchange market will pass the exchange rate level, which will depreciate the currency to increase the export, reduce import, and achieve the balance of balance of payments; when a major account continues to appear In large surplus, the foreign exchange market will vary from the exchange rate level to reduce the exit, increase import, and achieve the balance of balance of payments.

If you continue to develop in this case, then Thailand's income is basically because of the fixed exchange rate, that is, because of a exchange rate, they earn a lot of money.

However, under the pestic system, the Thai baht has been fixed to the US dollar, and the foreign exchange market has lost automatic adjustment function. In the face of the continuous deteriorating, the Thai government has to let go of the capital market quickly, through a variety of The preferential policies even high interest rate policies, attract foreign capital inflows, and make up for the balance of payments.

At that time, the Thai government took two policy measures: First, open offshore financial business and launched Bangkok International Financial Arrangement.

Under this framework, all approved commercial banks can absorb deposits and borrows abroad, and distribute foreign currency loans in Thailand. Second, enterprises can freely to foreign borrowings, non-residents open Thai baht accounts freely in domestic and abroad, deposit, borrowing, and free exchange.

In the foreign exchange market, the exchange rate level fluctuations will increase the cost of foreign short-term capital speculations, so that foreign short-term capital is directly facing the uncertainty of exchange rate changes, while the exchange rate stability may make money speculation A thing that is not risky or very risky.

In fact, the pestic system is an exchange rate implicit guarantee provided by the government, which reduces the risk of exchange rate, causing a lot of foreign speculative capital.

The Thai government realized that the Thai Baht continued to focus on the US dollar, which would undoubtedly set out the export-oriented Thai economy in the dead.

However, due to worrying to abandon the depreciation system, it will cause the baht depreciation, increasing the domestic debt burden, resulting in the bankruptcy of the enterprise, the loss of the workers' unemployment and financial institutions have increased, and the Thai government is delayed.

They hope to focus on the exchange rate for a while, first solve the domestic economic problems and adjust the exchange rate system. However, international speculators did not give Thai government enough time.

At the beginning of 1997, the international speculative capital launched a continuous attack to the Thai Bahb, and the Thai government took a series of measures to try to solve the increasing crisis.

In February 1997, the central bank of Thailand was low-baht exchange rate, and huge interventions were implemented in the Singapore foreign exchange market. This operation caused a strong market rebound, and the Thai baht exchange rate is 5%, and the international currency speculator is open from the hidden steering.

In March 1997, international investors borrowed up to 15 billion US dollars in the long-term Thai contracts to Thailand, and sold baht in the current existed market. The depreciation pressure of Thai baht was unprecedented. The intervention was calibrated.