1997 65438+ 10, international speculators headed by george soros began to covet the long-awaited southeast.

Asian financial markets launched an attack and began to sell Thai baht and buy dollars. The Thai baht plummeted. Its purpose is clear:

Disrupt the financial market in Southeast Asia, so as to fish in troubled waters and make a fortune. Some countries in Southeast Asia have real estate and foreign exchange.

The chaotic and out-of-control management of foreign exchange reserves and financial markets provides speculators with a golden opportunity. Eat persimmons soft.

In a word, Soros's wishful thinking starts with Thailand, Indonesia and Malaysia, which are the most vulnerable countries.

And then disrupt the "four little dragons" of Asia, such as Singapore, South Korea, China and Taiwan Province Province, and finally capture Hong Kong in an attempt to cause him.

The impregnable impression of farmers has defeated market confidence and triggered the psychology of "herding sheep". Soros believes that as long as a person is defeated,

In one country's financial market, other countries will inevitably fall down one after another, which is called "Domi"

Domino effect.

Thailand has become the first target.

In May, international currency speculators began to sell Thai baht on a large scale, and the exchange rate of Thai baht against the US dollar fell sharply. Face speculation

With the active attack of businessmen, the Bank of Thailand and the Bank of Singapore joined hands to enter the market, trying to defend the Thai baht array.

Naturally, they spent $654.38+0.2 billion to absorb Thai baht; Prohibit local banks from lending Thai baht to offshore speculators; big

The interest rate was raised, and after some close combat, the position of the Thai baht was temporarily preserved.

In this regard, international currency speculators have made a strong counterattack, and they have only one trick: raising funds.

, throw Thai baht. Soros began to advance. At the same time, the Thai baht depreciated wave after wave, and Thailand

The exchange rate of the Thai baht against the US dollar hit a record low. The Thai government changed hands at the last minute, and former Finance Minister Amnuay Virawan was forced to hand over power.

Shuaiyin, the Thai government's move is like dropping a blockbuster on a rough lake, and the Philippines has also become a victim.

The peso exchange rate began to rise and fall sharply.

Amnuay Virawan's sudden death failed to stop the Thai baht from falling. In June, speculators began to go out.

Selling us treasury bonds, raising funds, and launching a fatal blow to the Thai baht again. The Bank of Thailand fought back. At that time, people's hearts

People are in a panic, afraid for themselves, and all kinds of disadvantages under the cover of peace and smoothness are exposed one by one. In order to stabilize the morale, 6

1On October 30th, Thai Prime Minister Chali delivered a televised speech: "I reiterate that the Thai baht will not depreciate, but we will depreciate.

Let those speculators lose their money. "Swear, but its financial market is like a bucket that can't help. this

At that time, the Bank of Thailand had run out of ammunition and the only $30 billion in foreign exchange reserves had already been spent. Right here in Thailand.

Two days after the speech, the Bank of Thailand was forced to announce the implementation of a floating exchange rate system, giving up the Thai baht of 13 years and

The exchange rate system linked to the US dollar. On the same day, the Thai baht plummeted by 20%. On July 29th, Governor of the Bank of Thailand Lun Chama,

Raja announced her resignation. On August 5th, the Bank of Thailand decided to close 42 financial institutions. At this point, the Thai baht finally fell.

At the same time, the weakness of the Philippine peso makes it another target for speculators. The Central Bank of the Philippines used to

Tried to raise interest rates four times in a week, and announced to expand the fluctuation range of peso against the US dollar, trying to fight Solo.

Yes But the tide has gone out and there is no way to go back to heaven. On July 1 1, the central bank of the Philippines announced that it would allow the Philippine peso to fluctuate in a wider range.

It fluctuated to a certain extent, and for a time, the devaluation of the peso was terrible. In fact, this marks the complete failure of the peso defense.

Just like an addict, Soros is obviously not satisfied at this time. They went out to find something to eat.

The next hunting targets, Malaysia and Indonesia, came into his sight.

Malaysia's central bank tried to raise the cost of shorting Malaysian ringgit to prevent speculators from making waves.

Indonesia also entered the market to support the Indonesian rupiah. But in the end, it can't stop the powerful attack of speculators, and the Malaysian currency and the Indonesian currency are right.

The dollar exchange rate is low and low.

The loss of positions in neighboring countries began to spread to the Singapore dollar, which has always been called the "refuge currency". The death of lips and cold teeth,

Although Singapore has also taken measures such as raising interest rates, the fire at the city gate has affected the fish in the pool. Singapore dollar against US dollar.

The exchange rate continued to fall.

Under the grim situation of Soros, governments all over the world were overwhelmed and gave up their defensive actions in succession.

At first, I gave in, and I seemed unable to fight back. On the other hand, China let its currency fluctuate greatly in the market.

International currency speculators are even more fearless, and they were once rampant in Southeast Asian financial markets.

The sniper war of Southeast Asian currencies has made everyone feel unsafe, and financial authorities in various countries have tried their best to avoid falling into this quagmire.

In this turmoil, even the United States, which has always been a bystander, began to express its position, and so did the board of directors of the Federal Reserve.

Schigreenspan said that he was particularly "uneasy" that the crisis was mainly involved by one country.

Another country, the United States, is willing to help "countries affected by this fluctuation."

The aggressive and arrogant attitude of international speculators makes the international community more aware of the collective countermeasures to deal with the currency crisis.

Very deep. On July 25th, China, Australia, Japan, China SAR, Indonesia, South Korea and Malaysia.

Senior representatives of central banks and monetary authorities from Asia-Pacific regions such as West Asia and New Zealand 1 1 countries and regions are here.

After the Shanghai meeting, a statement issued after the meeting said that a stable money market is very important, and so is the Asia-Pacific region.

Countries will cooperate with the International Monetary Fund to study measures to provide new assistance to relevant countries to help member countries.

If necessary, make economic adjustments. This news will at least make Southeast Asian countries feel uneasy at home and abroad.

Currency speculators no longer seem so lonely when fighting to the death.

On August 5, crisis-ridden Thailand agreed to accept the harsh standby loan from the International Monetary Fund.

Loan plan and package measures. August 1 1 day, organized by the International Monetary Fund to save the shortage of funds in Thailand.

Sponsored by this organization, the central bank governors of more than ten countries and regions in the world held meetings with the International Monetary Fund in Tokyo, Japan.

The International Monetary Fund and some Asian countries and regions promised to share a total of $654.38+06 billion for Thailand (later increased to $654.38+06 billion)

Among them, China and Hongkong, China each promised to provide loans of 6,543.8 billion US dollars to Thailand.

Rmb loan. On August 2 1, the Bank for International Settlements (BIS) announced that it would grant Thailand a loan with a total value of $3.3 billion.

Temporary loans helped them tide over the difficulties.

Just as Southeast Asian countries sought help and actively planned, international speculators disappeared and suddenly stopped.

Attack. On August 20, the currency exchange rates of Southeast Asian countries temporarily stabilized, and people in Southeast Asian countries breathed a sigh of relief.

Qi: Well, the storm is finally over!

Just like the tranquility on the eve of a storm, there is a murder hidden under the calm appearance. It is obviously too early for neighboring countries to be happy. A new round of "storm" is just waiting for a suitable opportunity. What is helpless is that

This calm lasted only a few days; The neighboring countries in the east haven't had time to wipe their blood. At the end of August, another

The amazing decline came in an instant. This time, Brunei, an ASEAN member, was also dragged down.

At this time, Soros left the courage to pursue with a gesture of gaining power and tide wait for no man, and once again concentrated his firepower on sweeping Southeast Asia.

. In September, this storm has been raging for the third month, and the decline in the foreign exchange market continues. east

The economic situation in South Asian countries continues to deteriorate. 10 10 19, Thai finance minister tanon bidaya was also embarrassed.

Disappointed to leave.

It was not until the beginning of 165438+ 10 that the black storm that had plagued Southeast Asia for more than four months gradually subsided.

Quiet. According to industry analysts, this turmoil has ended. But for Southeast Asia, especially Thailand, which is located in the epicenter,

Generally speaking, it is ok to play the crown, but it is bitter to celebrate each other.

There is no choice but to spend.

In this crisis, Thailand is probably the biggest victim. The violent financial storm has brought a shock to this country.

The child fell to the bottom. Prior to this, Thailand's image as one of the "four little dragons" in Asia was fascinating.

A small business owner recalled: "At that time, we seemed to be rich, and everyone was going to buy a Mercedes-Benz." they

Enthusiastic about Yu Haibin Villa, Swiss Omega, French XO, German Benz and Japanese Panasonic. Like Americans,

They will also arrange a trip to Europe every year; Children are sent to private schools ... when you meet one outside Bangkok.

A country housewife, even a street vendor, may be a member of the stocking army; "Money comes too easily.

At that time, they would say in a teasing tone that they were preparing to travel to Europe. But now, ty,

The people of China were stunned to see that Soros and others had taken away everything that originally belonged to them from them; Family car quilt

The police dragged them away, unemployment began to bother them, the romantic trip to Europe had to be cancelled and the children had to go to cheap places.

Public schools ... Malaysian Prime Minister Mahathir said: "This guy (referring to Soros) came to our country.

Overnight, the struggle of our people for more than ten years went up in smoke. "

Chawang, president of a bank in Thailand, said: "We can only watch helplessly as Soros, a rogue robber, deprives us of everything.

The wealth we once had, we just want to say, don't you just want money? "

For all Southeast Asians, the wealth they once owned disappeared in a flash, Samat Electric.

Chanu Vast, president of Xunxun Company, said: Bangkok people haven't even had time to enjoy the splendor, and this car just rolled off the assembly line.

The new paint is still wet. But they have lost everything. Indonesian musician Bonnile Gumah bought one.

I have been fighting for my dream garden for 30 years, and when the storm comes, I am preparing to move in. "I have to return it." he

Go ahead.

An era of worrying about eating, an era of thrift is inevitable, but once the sea

They are still immersed in the rich aftertaste. In the square in the center of Bangkok, there are vendors selling at the top of their lungs.

Shouting to rent clothes, "you can rent anything." Almost all students in private universities are trying to stay decent. "

Rent from head to toe. "The stall owner said that his business is very hot, and the shopping center on Sunday is still very crowded, only

One difference is that I am ashamed of my pocket and can only wander around. Just like many old people walking birds in Beijing.

Those rich people can only watch 50% or more of their property disappear without a trace.

It is estimated that from March to September, the top 12 richest people in Malaysia lost their money in the stock market alone.

65.438+0.3 billion US dollars, the children of Indonesian President Suharto were also forced to sell the company to avoid heavy losses.

The appearance of a surface. "The world of the past no longer exists." Ramsam, president of the Agricultural Bank of Thailand, the third largest bank, said so.

Go ahead.

The strange scenery in Bangkok is still so beautiful and moving, and the high-rise buildings in Kuala Lumpur are still so row upon row; can

However, the gap between the once rich and the now poor is so far. "This is not just a sense of loss.

",a professor at the University of Thailand sighed helplessly.

Let's face it, maybe this is the most painful and helpless choice for our east neighbors!

Three months later, the financial storm that swept through Southeast Asia landed on Hong Kong Island-the wolf finally came.

Black Monday

Perhaps, in the memory of many Hong Kong people, the "stock market crash" in Hong Kong in June 1987 and June 10 is just.

Like a nightmare, I still have a lingering fear.

In the golden autumn of 1997, another "big bear market" swept the whole Hong Kong stock market. 101October 20th

April 20th is the anniversary of the "Black Monday" tragedy 10 on Wall Street. Because of this, it became a vote.

However, the most anxious day for capital analysts did not appear in the horrible atmosphere of Wall Street stock market, just

On the contrary, the Dow Jones index rebounded by 74 points after falling by 265,438+00 points in a week.

While investment analysts are celebrating, on the other side of the globe, crisis and undercurrent have come.

. After 10 years, another "Black Monday" began to arrive, but this time it was covered by shopping.

Hong Kong is called paradise.

1October 20th, 10, the Hong Kong stock market began to fall. 101October 2 1 day, Hong Kong Hang Seng Index fell 765 points.

. 33 points, but this trend continued on the 22nd, falling by 65,438+0,200 points. On the 23rd, regarding the prospect of the Hong Kong dollar,

Worried about the rising interbank interest rate in Hong Kong, overnight rate with 2/kloc-0 ratio was only about 7% at one time.

It has increased by 300 times. In this market atmosphere, Hong Kong stocks suffered a heavy fall for the fourth time in a row, falling by 10.4438+0%.

Donald Tsang, Financial Secretary of the Hong Kong SAR Government, said on the same day that Hong Kong's basic economic factors are good, and the stock market decline is mainly due to

Investors need not panic about the temporary speculative influence of external factors. He said: "I don't think this is a stock market crash." He admitted.

In any case, the SAR Government must first defend the exchange rate of the Hong Kong dollar. Although there was speculation in Hong Kong dollars the night before.

Guess, but by this time the guess has subsided. At the same time, Joseph Yam, President of the Hong Kong Monetary Authority, also

In a speech, he claimed that HKMA had repelled speculators the night before.

Perhaps it is because of the strong intervention measures of the SAR Government, or because of the SAR Government and financial managers.

Investor confidence has been affected. On the 24th, after rising for four consecutive trading days, the Hong Kong stock market performed strongly.

Hang Seng Index rose 7 18 points, or 6.89%. On the 27th, Donald Tsang reiterated that,

Hong Kong's current linked exchange rate system will not change, and only speculators will suffer in such activities.

At this time, the world's stock markets formed a vicious circle of general slump, and on the 27th, new york Dow Jones index.

It plunged nearly 554.26 points, the worst day in history, which led to an automatic stop in the middle.

The Tokyo stock market plunged more than 800 points an hour after opening. On the 28th, Hong Kong Hang Seng Index plunged more than 1400 points.

, the decline reached 13.7%, and the lowest in the whole day reached 8775.88 points, closing at 9059.89 points.

The number of points dropped is the highest in history. In this case, the shock of the Hong Kong stock market is not limited to its own reasons.

Vegetarian.

In this regard, the Chief Executive of the SAR, Tung Chee-hwa, stressed that the fluctuation of the Hong Kong stock market is only a temporary adjustment. China Wei

Shen Guofang, spokesman of the Ministry of Communications, said that it was not surprising that the Hong Kong stock market experienced such fluctuations in the past. Hong Kong stocks fluctuate greatly.

The central government will act in accordance with the principle of "one country, two systems" and will not directly interfere in the affairs that the SAR Government has to handle on its own.

Hong kong stock market and hong kong dollar exchange rate. Beijing is still full of confidence in Hong Kong's overall economy.

In response to Members' questions, the Secretary for Financial Services of the Provisional Legislative Council of the Hong Kong Special Administrative Region said that the society was concerned about stabilizing the linked exchange rate.

The rate system is very concerned. Regarding the operation of the market, the consistent policy of the SAR Government is "freedom", and administrative intervention should

Reduce to a minimum.

The Chief Secretary for Administration of the SAR Government, Anson Chan, advised the public to remain calm, not to be allergic and to be cautious when entering the market.

Do your best.

Public opinion in Hong Kong has expressed strong confidence in this. Sing Tao Daily commented: "In the past, we were experiencing.

After the economic crisis, Hong Kong will recover quickly and become more energetic, and this time is no exception. American Finance pointed out that

Since the global stock market crash in 1987, the return rate of Hong Kong stock market in the past 10 has ranked first in the global stock market. pass by

After the stock market crash in 1997, as long as Hong Kong vigorously develops its economy, the rate of return after ten years may be the highest in the world. "

Hong kong dollar defense war

This "invisible war" triggered by Soros shocked the whole world like a volcanic eruption.

Thailand and Malaysia, as the epicentre of the earthquake, are naturally miserable. On the other hand, there are more Hong Kong across the sea than ever before.

Hou is even more nervous. People are aware that this "dark tide of black finance" has just landed on Hong Kong Island.

It's just a matter of time. Facing the arrogance of international financial speculators, Tung Chee-hwa, Chief Executive of the Hong Kong Special Administrative Region, said

He cautiously stated that the Hong Kong Special Administrative Region has abundant foreign exchange reserves and its economy is growing steadily. More importantly, the Hong Kong Special Administrative Region is back.

With the support of a strong motherland. Therefore, this storm will not have a particularly serious impact on Hong Kong.

In fact, as early as August 1997, speculators made tentative attacks on the Hong Kong dollar many times.

On August 14 and 15, some powerful investment funds entered the foreign exchange market in Hong Kong, and they used financial futures.

It means buying Hong Kong dollars with three-month or six-month Hong Kong dollar futures contracts, and then selling them quickly. Causing the exchange rate of the Hong Kong dollar to rise against the US dollar

The RMB exchange rate once fell to 7.75/ 1. 7.75 is known as an important psychological key point of the Hong Kong dollar exchange rate. sweet

Hong Kong's monetary authorities quickly fought back. Crack down on speculators by tightening monetary policy and raising inter-bank interest rates. HKMA's proposal

The high interest rate of bank loans forces banks to return their surplus positions and allows borrowers to sell Hong Kong dollars to buy US dollars.

Faced with the situation of clearing the field, 60% speculators are discouraged by the high speculation cost. So in a very short time,

That is, on August 20, the port city returned to calm, and speculators returned in vain.

However, it is very clear that these speculators will not stop there and the bloody struggle between the two sides will come to an end.

Avoid. The Hong Kong authorities have taken precautions and taken a two-pronged offensive of policy and public opinion to remind these "hot money predators".

Don't make a move. The attitude of the Hong Kong monetary authorities is very clear: resolutely safeguard the stability of the linked exchange rate system. straight

Before leaving London, Tung Chee-hwa, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), who is visiting Britain, stressed that the HKSAR government is determined to safeguard the United Nations.

Exchange rate; The Financial Secretary, Mr Donald Tsang, and the Secretary for Financial Services, Mr Rafael Hui, reiterated that the linked exchange rate should be maintained.

Interest rate is the government's first choice goal, and people's interest in this goal will inevitably soar. I hope Hong Kong people will be more careful.

Don't be impatient. The Chief Secretary for Administration, Anson Chan, appealed to everyone to remain calm. The Hong Kong General Chamber of Commerce issued a statement expressing its support.

In connection with the exchange rate system, we call on financial market participants to think calmly and re-examine Hong Kong's economic foundation in order to stabilize it.

Market. "I want to reiterate that we will not change our monetary system.

In our relationship with the US dollar, only speculators died of speculation in the Hong Kong dollar. "

International speculators have attacked the Hong Kong dollar many times, not only to profit from the exchange rate of the Hong Kong dollar, but also to adopt a comprehensive approach.

Strategically, to benefit from the stock market and futures market, their approach is to accumulate a large amount of funds in the futures market first.

Short positions, then buy forward dollars, sell forward Hong Kong dollars, and then make a big profit. When the Hong Kong government responded to the impact on the Hong Kong dollar

When measures were taken to raise interest rates substantially, the atmosphere in the stock market turned pale, and people were worried that the sharp rise in interest rates would push down the stock market and the property market.

At that time, speculators took advantage of the situation to sell the futures index, which made the futures index dive. As a result, the stock market panicked and people were in a panic.

By selling stocks, speculators can make huge profits by closing short positions. In other words, although speculators compare the Hong Kong dollar exchange rate

In vain, even if it is a small loss, it is difficult to make a big profit in the futures market.

In this regard, Hong Kong monetary authorities launched a tit-for-tat struggle. Their measures are as follows: First, they spent a huge amount of money.

Our foreign exchange reserves absorb Hong Kong dollars, and the second is to raise interest rates and tighten monetary policy. After some confrontation, Hong Kong stocks continued to fall.

China stopped and began to soar strongly, mainly because Chinese and foreign funds entered the market, and 24 blue-chip and red-chip companies rose.

City companies buy back shares from the market, pushing the market up. The rebound of China Telecom's share price level has also occurred.

Set up a stimulus effect so that red chips and state-owned enterprises will calm down and rebound. In addition, the interest rate cut in China mainland has also become the theme of market rise.

These factors led to the rapid rebound of the HSI. Under the strong rebound of the stock market, the exchange rate of the Hong Kong dollar returned to stability. At this moment, this

A thrilling battle for the Hong Kong dollar has come to an end. Tung Chee-hwa, Chief Executive of the SAR, praised the Financial Secretary, Mr Tsang Yam-pui.

Quan and his colleagues' handling of the crisis is "really commendable". Although this game is very difficult for the Hong Kong Monetary Authority.

It is difficult to win, but the shock it brings to people is not limited to the crisis itself, it forces people to take more actions.

More people think that.

The Financial Secretary, Donald Tsang, finally publicly stated that the Hong Kong Government would conduct an internal review as soon as possible and meet with scholars and business people.

People in the industry summed up the financial turmoil and looked for better ways to fight back, so as to prevent the Hong Kong dollar from being attacked by foreign exchange speculation again.

Strike.