The Son of Finance of the Great Age

  Chapter 295 Embarrassed support

  After hearing about the depreciation of the New Taiwan dollar, Song Ling couldn't help comforting himself in his heart, it was just a coincidence. Moreover, the Yizhou authorities have minimized the negative impact of the news and chose to announce it on Friday, leaving two days for the market to digest it.

  After everyone heard the news, they lost all thought of eating and drinking. They pushed the bowls and chopsticks aside, and began to chatter about the impact of the depreciation of the New Taiwan dollar on the Hong Kong stock market.

While talking, I don’t know who made a strange cry. Remembering that next Monday will be the 10th anniversary of “Black Monday”, and thinking of the tragedy of the stock market ten years ago, everyone who was still talking about it immediately quieted down and bowed their heads in silence. Silent. Obviously, most of them have experienced the catastrophe that year, and the tragedy is as vivid as yesterday. Even those who have not experienced it must have heard of or even studied this period of history later, so they naturally know What a horrible scene that was.

   “Black Monday…devaluation…”

  Song Ling was still a young boy at that time. He only knew how to bury his head in his work and didn't know how to walk with his head up. The panic at that time didn't affect him at all. However, after he took office later, he also studied the situation at that time, and finally concluded that the confidence of the entire market collapsed, and an avalanche of selling occurred, and the impact spread to the entire world.

But now he is full of confidence, all because at this time he holds billions of dollars of capital allocated by the central government. As long as there is any sign of trouble in Hong Kong, he can throw money into the stock market for support . Therefore, Song Ling didn't care too much even though everyone else looked miserable and sighed.

  After repeating it several times, Song Ling suddenly thought of something, and shouted: "No! This is their conspiracy, a series of tricks!"

Everyone who was silent at first looked at Song Ling when they heard what Song Ling said, and saw him blushing, and said happily: "So it turns out that the Yizhou authorities should have colluded with American capital and deliberately Today’s devaluation is announced, and next Monday is a special day, so a two-pronged approach will smash Hong Kong’s stock market in one fell swoop.”

   Silence, still silence.

  Song Ling became a little anxious, and raised his voice and shouted: "Don't you understand? This is the tactic they are planning to deal with the Hong Kong stock market. It is really insidious enough to come up with such a tactic."

  People still don’t understand why the depreciation of the NT dollar is linked to Black Monday?

Song Ling, who was already immersed in the conspiracy theory he fantasized about, didn't realize this, and still said to himself: "The person who designed this conspiracy behind the scenes is really good. They have the right time and place, so they just send someone to make peace." Maybe... maybe they are just waiting for this opportunity, ready to crush the Hong Kong stock market in one fell swoop."

   To be precise, this is not a conspiracy he imagined, but a real one. The people behind the layout obviously know the financial market well, otherwise they would not choose to attack at this point in time.

   "Wait!" Someone yelled, "What the **** is going on? Why is the depreciation of the New Taiwan dollar related to the Hong Kong stock market?"

  The people who said this are very amateurish, but there is no way, who made them state-owned enterprises! And it was obvious that Song Ling's mind was spinning very fast, and these guys couldn't keep up with his speed.

Only then did Song Ling wake up from his own world. Seeing everyone's confused looks, he couldn't help but slapped his thigh, and said sadly: "Everyone, think about what impact Black Monday will have on the stock market. When the last currency depreciates, the two interact with each other, and the negative effects will be maximized."

   After finishing speaking, he took a sip of tea and said bitterly: "Naturally, it is a lack of confidence, so cash out and leave the market. In this way, the index we have just stabilized will plummet again!"

   Speaking of this, how can everyone not understand? There was a sudden gasp in the box, followed by another period of silence. After a long time, someone tentatively said, "Then we... shall we still do nothing?"

  Compared to the funds in their hands now, the support funds invested in the stock market in the past two days are really very small, basically it is not much different from doing nothing.

  At this time, the total market value of the Hong Kong stock market is around 4 trillion Hong Kong dollars, and the daily turnover is around 15 billion Hong Kong dollars. All ordinary stocks are constituent stocks, but the heavyweights among them have considerable power to move the index, such as super enterprises such as HSBC Holdings, Changhe Industrial, and Hongji Real Estate. In order to protect the index, the support of these enterprises is essential. It is quite difficult to raise these stock prices with a mere daily investment of 500 million Hong Kong dollars.

"We will implement it according to the original plan, and it will take a long time!" Song Ling showed a slight disdainful look on his face. Since he thought he had seen through the hedge fund's conspiracy, he naturally wanted to incorporate their actions into his grand plan. "At the same time, let the people in charge of the red-chip stocks know that we have a sum of money in our hands that can defend the market value. Let them beg us, and now it is getting more and more interesting."

Seeing the look on Song Ling's face, everyone was sure. They had unknowingly regarded Song Ling as the backbone. At this time, they naturally obeyed him. After discussing for a while, they left separately .

  …

  Hong Kong Monetary Authority, a high-level meeting is being held, and the content of the discussion is the sudden devaluation of the New Taiwan dollar.

   "The announcement of the devaluation of the New Taiwan dollar is very likely to set off another wave of currency attacks. We need to be cautious and pay close attention to the dynamics of the foreign exchange market." Ren Yigang, President of the Monetary Authority, said solemnly.

  Due to historical relations, Hong Kong and the United Kingdom are very closely connected. Most of the Hong Kong dollar foreign exchange market and futures market are in London, and there is a certain time difference with Hong Kong, which is very conducive to the work and rest of European and American speculators. In this case, most of the fluctuations in the instant exchange rate of the Hong Kong dollar occurred in the middle of the night in Hong Kong time.

  The atmosphere in the conference room was extremely tense, and it would not be an exaggeration to describe it as facing a big enemy. It has to be said that the executives of the Hong Kong Monetary Authority are all elites who have been immersed in the market for many years. The president Ren Yigang started to manage economic business in the 1970s and has more than 20 years of experience. He once served as the director of the Exchange Fund Administration, which is typical Chinese elite. Vice President Shen Niantao, Malaysian Chinese, from the World Bank, once worked in the Central Bank of Malaysia...

Even if people like them get together, they still can't figure out the context of the current foreign exchange market. It seems that the sudden devaluation of the New Taiwan dollar this time is a typical sudden behavior without the slightest warning in advance. It almost gave the officials of the Monetary Authority They hit the nail on the head.

  In this case, they are naturally facing an enemy. However, the situation is still very optimistic. Hong Kong has huge foreign exchange reserves that are difficult to match in other regions. This is their huge advantage, which is enough to defend the still strong Hong Kong dollar.

   "In addition to London, New York and Singapore should also pay attention to the trend. Although they don't have too many Hong Kong dollar futures, these are ways for international hot money to short." Ren Yigang emphasized.

At this time, Shen Niantao interjected: "Is it necessary to consider the bank? If they short the Hong Kong dollar, the most likely thing is to borrow a short-term loan from the Hong Kong dollar bank and then sell it in the market. Such examples have been common before. We Do you want to remind the bank?"

"Being not."

Ren Yigang pondered for a moment, and then slowly said: "Except for a few note-issuing banks, other banks don't care much about our instructions except for the margin. But we can pay attention to the lending rate market. If there is a small fluctuation, It's an early warning for us to prove that there's been some movement on the monetary front."

  In fact, due to Hong Kong's highly liberalized economy, the Monetary Authority, which performs the functions of a central bank, has not as much binding force on commercial banks as imagined, except for some statutory powers. Like Thailand, it is absolutely impossible in Hong Kong to force commercial banks to prohibit lending to foreign speculators by administrative means.

   "In addition, interest rate futures should also pay attention to prevent large interest rate fluctuations, affecting the local bond business, and not making us less attractive to foreign investors."

   After hastily arranged a few more points, Ren Yigang announced the end of the meeting. After all, it was the weekend, and except for the necessary personnel, everyone else wanted to get off work early.

  Although Ren Yigang realized that there was a major incident in the foreign exchange market, since the outbreak of the Thailand incident, the entire Hong Kong authorities have been on the alert, and had repelled an attack by international hot money in August, so he did not have much worry in his heart. It's just that at this time, he never imagined that this is just the beginning of an all-round attack on Hong Kong's capital market that will last for a year.

  The depreciation of the NT dollar is just a fuse!

  …

   "We...do we want to warn the Financial Management Bureau?" After the meeting, in Zhong Shi's office, Ma Jiarui weighed it over and over for a long time before finally saying weakly.

   Obviously, Zhong Shi does not have this obligation. That's why Ma Jiarui knew how difficult it was to say this. Even if he was concerned about the country and the people, he knew it was not appropriate.

  However, to his surprise, Zhong Shi didn't show much expression on his face. He just shook his head slightly and said, "It's not the time yet. Let's see how the situation develops first."

  Seeing that Zhong Shi did not refuse, Ma Jiarui breathed a sigh of relief, and left after talking for a long time.

After Zhong Shi's office was empty, Zhong Shi dialed a number and said, "Joy, it's me, have the positions and lots I need been established? Well, good, you just need to keep in touch at all times." It's okay... No, I don't need your analysis and advice... Remember, you can only operate according to my opinion. Okay, that's it."

  After hanging up the phone, Zhong Shi had a half-smile on his face. If Tianyu Fund is involved, it will definitely be criticized, and it will be very detrimental to future plans, but if it operates in the name of the offshore financial company Skyline, the criticism and accusations it receives will disappear.

   It's a **** to have money but not make money!

   Thanks to book friends Yingyingk, kissmedio, and Wenqing left hand side for voting in early June! I hope this month will have a good start~

  (end of this chapter)