Rebirth of the Official Business Route

Chen Jing came to Hong Kong this time to evaluate the possible impact of the Southeast Asian economic crisis on the disc player market. She specially postponed one day and went with Zijia from Huishan, but did not expect them to arrive in Hong Kong on the second day. , The crowd of golden crocodiles launched a third wave of fierce attacks on the Thai baht, and the Thai baht exchange rate broke the previous low on the same day.

Chen Jing also argued with Ge Yinjun in Hong Kong to adjust the business of overseas companies to cope with the upcoming economic recession in Southeast Asia, but did not expect that the economic crisis would be fully developed and a storm frenzy was brewing in a thunderous time. Fastest update of novel chapters

Starting from Aida Electronics, from July 11 to July 19, a total of 15 red-chip listed companies in the Hong Kong stock market issued warning messages that they would adjust their performance expectations due to the economic recession in Southeast Asia. In the past few days, the overall red-chip stocks have fallen sharply. Prompt the Hong Kong stock market to oscillate downward.

Since mid-June, the Hang Seng Index has hit record highs ten times. In early July, it reached a high of 17,000 points and then fell slightly, but it still hovered at the 16,000-point line. Before July 11, most financial media predicted that the market will have a short-term adjustment, but most people still believe that the market will continue its upward journey after the adjustment.

The fifteen domestic-funded red-chip listed companies are almost acting in concert to announce the warning news that is naturally unusually harsh in the eyes of Hong Kong investors. "Fiction" novel chapters are updated fastest

The Hong Kong Economic Journal, Hong Kong Economic Daily, Ming Pao and other financial media have published articles in varying degrees accusing the collective red-chip stocks of early warning incidents that some people are behind the scenes and suspected of operating the stock market. Hong Kong stockholders who have suffered losses in this wave of downward market even plan to get there. Demonstrations in the Liaison Office building of the Central Committee of the Communist Party of China also demanded that the United Stock Exchange investigate behind-the-scenes.

It's just that the planned sit-in protest has not had time to proceed, early in the morning on the 20th. The Central Bank of Thailand suddenly announced through the National Television of Thailand that it would abandon the 14-year fixed exchange rate mechanism that focuses on the U.S. dollar. Implementing a managed floating exchange rate system, and at the same time announcing an increase in the domestic Thai baht interest rate from 10.5% to

At that moment, Zhang Ke seemed to be able to hear the frantic cheers of countless currency speculations in the Peninsula Hotel—Ye Jianbin and the others did cheer too—the opposite of which was the terrible cry of the slaughtered sheep! Among them, the most miserable voices are probably the Bank of Thailand and the Thai people.

Of course, Zhang Ke did not have the sympathy that was overwhelming. They themselves were poaching among countless currency speculations. They just reincarnated as human beings. To witness this period of history again should be a personal experience of this period of history. There will always be some emotion.

When the Singapore international currency exchange market opened, the Thai baht exchange rate broke through 31 like a mercury leak, and dropped by more than 13% in an instant, which was shocking.

Of course, as long as the Thai government does not announce the abolition of the Thai baht, the Thai baht will have the value supported by its national economy. At this moment, the exchange rate has an irrational impulse...

certainly. A huge amount of bills also poured out immediately...

Between this moment. The sweat on Ye Jianbin's forehead oozes out.

They established a short position of 7 billion baht in the early stage. In the blink of an eye, the splendor of the mercury leaked the land, and their profit was as high as 840 million baht.

At this time, the buy order is delivered, plus the accumulated profit before it is close to nearly 40 million U.S. dollars.

To deliver or not to deliver? Ye Jianbin glanced at Zhang Ke subconsciously.

Zhang Ke stared at Nick Leeson's side. He wanted to see the so-called top traders in this situation.

Although the Thai baht will experience several shocks in the coming year, the delivery period of the Thai baht forward contract in their accumulated short positions is mostly concentrated in September, and they must be liquidated before the delivery period.

Before September. Is this the lowest point of the Thai baht against the U.S. dollar? If the judgment is yes. Then we must decisively carry out the liquidation operation to keep the current victory fruits. Otherwise, every time the Thai baht rebounds, some of their victory will be eaten away.

Nick Leeson's face was a little pale, his eyes looked bigger and brighter than usual at this time, as if he had licked a **** cheetah. The computer screen displayed the real data of the foreign exchange market in Tokyo, Singapore, Hong Kong and other places. Ye Jianbin , Zhang Ke did not intervene loudly, and he acted firmly in accordance with his beliefs. Short positions and funds are scattered in dozens of secret accounts. He wants to give the operator a string of instructions over the phone, including opening and closing positions, with different amounts and different account codes, mixed with spot contracts, forward contracts, and Ye Jianbin was dazzled by the small amount of futures contract transactions, and he could only generally feel that Nick Leeson was still increasing his position at this moment.

I can clearly hear the noise on the scene from the phone. Traders are running and shouting in hysterics. This moment is a paradise for bears and **** for bulls-the Bank of Thailand, which should have been the largest bull in the baht, gave up resistance, those who expected Thailand A small number of speculators who are unrecognizable and unrecognized by the government will be able to resist. They are screaming, and they can hear clearly from the command phone, and the creepy screams.

During this period of time, it is only enough for Du Fei to understand the knowledge of foreign exchange trading. He wants to abandon the interference of the noise on the phone and keep up with Nick Leeson's instructions. The intention.

"Generally speaking, a novice trader is likely to passively accept orders for more than half a year..." Zhang Ke pressed his hand lightly on his shoulders. He has a specialization in the field of art. As a top trader in the industry, Nick Lisen has his own Exceeding others, forcing oneself to follow his reasoning, that is asking for hardship.

Ye Jianbin was inconvenient to interfere with Nick Leeson and give instructions to his trader. He just looked at Zhang Ke. At this time, he would rather believe in Zhang Ke's genius and keen intuition; if Zhang Ke did not speak, he would not speak.

Nick Leesen took advantage of the gap before turning around and explaining to the two gold masters Zhang Ke and Ye Jianbin: "I think there will be a wave of shock today. This moment is not the exchange rate that the Thai baht can balance in the short term..."

Zhang Ke nodded and said, "You are a professional, do we have other options besides trusting you?" He smiled. Turned around and walked out. Ye Jianbin stared at the screen reluctantly for a few seconds before walking out with Du Fei and Zhang Ke.

Take the elevator back to the 28th floor suite, Zhang Kecai joked with Ye Jianbin and said, "Would you like to measure your pulse?"

Ye Jianbin felt his heart tighten in the operating room just now, and when he watched the exchange rate fall vertically, he felt a little convulsive. If he changed his heart function, he might induce a heart attack on the spot. He didn’t realize the pulse increase, listening to Zhang Ke. One reminder. The finger touches the pulse, abnormally fast, and it feels almost the same as after running for a kilometer.

The easiest way to speculate on the baht is to short the baht in the foreign exchange spot market.

It is expected that the Thai baht will depreciate the U.S. dollar at some point in the future, and a large amount of Thai baht will be borrowed from relevant channels in advance, and the baht will be sold in the foreign exchange spot market to obtain the dollar. After the devaluation of the Thai baht. Then buy Thai baht from the foreign exchange spot market with U.S. dollars and return it. The remaining U.S. dollars after debt service constitutes speculative gains.

The trading method of foreign exchange spot contracts is actually similar to the above process, except that the transaction volume is enlarged through leverage, also known as deposit trading.

In addition to speculating on the Thai baht in the foreign exchange spot trading market, another common way to attack a country’s commodity market is to borrow Thai baht forward contracts from investment banks and sell them. Before the forward contract is delivered, the Thai baht depreciates and the position is reversed. You can make a profit.

Forward contract trading is similar to futures contract trading. But before the crisis, there was a lack of takeovers in futures contracts. Trading volume is extremely sluggish, except for short positions that can be established three to five months in advance, currency speculation is rarely involved.

A more complex speculation method involves short selling Thai bonds, stocks and stock futures in the Thai securities market, and then short selling the Thai baht in the foreign exchange spot and forward markets. When the Thai baht depreciates and the Thai securities market collapses, it doubles profits.

Quantum Funds, Tiger Funds, etc. are fully prepared to attack Thai baht landlords, and they will inevitably establish a large number of short positions at the same time through a variety of trading methods, and ultimately defeat the Thai government's defense through spot, spot contracts and forward contracts.

Zhang Ke and the others drew out the funds late and only had time to establish a short position of nearly seven billion baht in spot contracts and forward contract transactions.

After the Thai government gave up its defense, it was an empty carnival feast.

On July 20th, as of the close of the Singapore International Currency Exchange at 4 pm, the exchange rate of the Thai baht to the US dollar closed at 32.1. Nick Leessen decisively closed his position at the 32 exchange rate, with a cumulative profit of 54 million US dollars.

After the Thai government gave up resistance, the Bank of Thailand will not continue to take orders in the foreign exchange market within a tolerable range. After the short positions are closed, the financial giants will lose their ravaged targets on the Thai baht line. However, the Philippines, Indonesia, and Malaysia, at the beginning, A country known as Asia's four filial piety along with Thailand will naturally become a new prey.

It is a pity that there are local risks in the violent fluctuation of the Thai baht and Southeast Asian countries have greatly increased the offshore lending interest of banks in their local currencies to punish those European and American investment banks that lend money to currency speculation-investment banks lend currency to speculation in order to collect commissions for profit , But during the strict supervision period, they must lend money from the central bank of the currency bank to ensure their own currency adequacy ratio. The interest rate on borrowing and borrowing will increase significantly, and the cost of these investment banks, which are speculative, will also increase—plus currency speculation. However, the demand for contract transactions has increased sharply, and the currency holdings of foreign banks in Europe and the United States in Southeast Asia are not unlimited. It is inevitable to be forced to significantly reduce the leverage ratio of contract transactions and increase commissions.

International currency speculation at this time can almost only be forced to short-sell at the spot market kitchens, but the blood sprinkled by the initial victory of the Thai baht will attract more profit-seeking.

The absence of leverage tools or the significant weakening of leverage tools is not an accident that the attack power of other Southeast Asian countries will be weakened. It is just that the profit margin spread to each currency speculative head has dropped drastically.

Zhang Ke can only be fortunate that they have established a short position of 500 billion rupiah in advance, otherwise they can only enjoy this time of the beautiful thing that has swallowed more than 54 million US dollars in profits in one bite.

The only pity is that the most significant depreciation period of the Indonesian rupiah was after the first round of financial turmoil-the rupiah was the largest depreciation in the cargo markets of Southeast Asian countries. At that time, Indonesia had abandoned the fixed exchange rate system. After Indonesia abandons the fixed exchange rate system, the Bank of Indonesia will no longer enter the foreign exchange market to take orders, and short positions in forward contracts cannot be established. Most of their short positions in the Indonesian Rupiah forward contract are based on futures. Since the delivery date cannot be extended to the end of this year, it is natural that the largest depreciation cannot be grasped.

It can only be a small bite on the fattest one, and it cannot be said that it is not regrettable; of course, Zhang Ke will not let the deep regret in his heart manifest.

After the Thai baht spot and forward contracts are closed, the total amount of funds remaining in the secret account is as high as 150 million U.S. dollars, but this time the funds are mixed with tens of billions of international hot money. How much can be gained? I don't know.

July 20. The Asian financial turmoil officially set off a raging wave in Thailand. It was 18 days later than the history that Zhang Ke knew, but it was an irreversible trend in history. On the Internet in Hong Kong than in the mainland, you can see Thailand’s The bleakness of foreign exchange and other financial markets...

The Thai stock market and property market collapsed. The economy fell into a complete recession. Zhang Ke read a report. The Thai stock exchange market erupted from the economic crisis. In three years, a total of 77 listed companies were forced to withdraw. No company was successfully listed on the Thai stock exchange. The largest oil company owed US$27 billion in foreign debt. .

The fierce chaos in the Thai financial market has also spread to the entire Asian financial market. Hong Kong's Hang Seng Index has inherited the downward trend in the previous period of oscillation and plunged 480 points in one day. The commentators of Ming Pao and Hong Kong Economic Times have changed their conspiracy theories a few days ago. Writing an article predicts that a large-scale Southeast Asian economic crisis is rapidly brewing. Financial institutions such as Guofu Investment have also lowered their expectations for the market outlook...

In the history that Zhang Wei has experienced, the economic crisis in Southeast Asia has already exploded for almost a month. The Hang Seng Index is still trying to hit a new record high. It has allowed international speculators to have enough time to open a large number of short positions in Hong Kong stocks and futures markets after they ravaged Southeast Asian countries. The media has completely ignored the scale of the Southeast Asian economic crisis and the possible impact on Hong Kong’s capital market. International speculators who entered the Hong Kong financial market in the early stage contributed to the fact that Hong Kong’s financial market was between October 1997 and July 1998. Become an ATM for international speculators-even after repelling these international speculators in the final battle-a large number of Hong Kong investors failed to get out of it.

Ye Jianbin said that he wanted to open a bottle of dry red to celebrate. Zhang Ke looked at his watch. It was only four o'clock in the afternoon. He ignored Ye Jianbin. He only said that Tang Jing and Midsummer had been walking outside for a long time, and he and Du Fei went to pick them up.

The Peninsula Hotel is located in the heart of the Tsim Sha Tsui area of ​​the Kowloon Peninsula. It is surrounded by famous, commercial and entertainment centers. It is surrounded by famous commercial and entertainment centers. Both sides of Nathan Road are full of shopping malls, shops, and Temple Street in Yau Ma Tei. "The Twelve Young Masters on Temple Street" starring Andy Lau, and the open-air night market on Temple Street, Zhang Ke gave Tang Jingla a stroll three times.

Tang Jing and Midsummer stayed at The Peninsula Hotel these ten days, even if Zhang Ke and Du Fei couldn't spare time to spend time with them during the day~www.readwn.com~, they were not lonely.

On the phone with Tang Jing, she and Midsummer were walking from the Star Ferry Pier to the Peninsula Hotel, accompanied by Fu Jun. Zhang Ke put down the phone and left Ye Jianbin, and Du Fei went downstairs to the cafe in the lobby of the Peninsula Hotel and waited for Tang. Jing and Midsummer are back. Ye Jianbin wanted to celebrate with Nick Lee Sen and his two assistants a little at night.

Zhang Ke helped Tang Jing and Midsummer order drinks and snacks at the cafe. It takes more than ten minutes for them to walk from the Star Ferry Terminal. Du Fei must have been shocked by today's scene. He always showed a thoughtful look, a little taciturn.

Zhang Ke smiled faintly and asked Du Fei: "Would you like to go to the exchange site to experience it? At such moments, some people will always go to heaven and some will go to hell..."

The mobile phone on the coffee table vibrated, Zhang Wei talked on the phone, Tang Jing and the others approached the hotel and asked him and Du Fei where they were waiting. "When you walk in the hotel lobby, you can see me beckoning to you!" Zhang Ke said with a smile, "Or you want me to come out to meet you in person?"

"what!"

But at this moment, Zhang Ke heard Tang Jing's sharp and horrified cry on the phone, not knowing what was going on, Zhang Ke pulled his legs out and ran out of the lobby.