Selling Thai baht is equivalent to a Thai baht sale, or something like what we usually say. Suppose you and I are both listed companies, I hold your shares at 10 yuan per share, and you hold 100 shares, then your assets are 1000 yuan. If I sell your shares, 5 yuan shares, at a low price, then your assets are 500 yuan, which has depreciated. At the same time, I bought a put option, your stock price fell, and I made money. If you don't want your stock to fall, then you must use money to buy your stock at a higher price (this money is liquidity, equivalent to foreign exchange reserves). In the end, we will fight who has more money. Thailand's foreign exchange reserves are insufficient to compete with Solos. In addition, Solas finally lost more than $4 billion, because when it attacked Hong Kong stocks, the Chinese mainland government provided Hong Kong with foreign exchange reserves of more than $654.38+03 billion.