Specific case: 1 On March 3, 1997, the Central Bank of Thailand announced that nine domestic finance companies and1housing loan companies had problems of low asset quality and insufficient liquidity. Soros and his men thought it was a hint that there might be deeper problems in Thailand's financial system, so they preemptively ordered the sale of shares in Thai banks and financial companies, and depositors withdrew a lot from all financial and securities companies in Thailand.
At this time, the western impact fund headed by Soros is waiting for a large number of Southeast Asian currencies to jointly sell the Thai baht on a large scale. Under the siege of many western "heroes", the Thai baht was irresistible for a while and kept falling. In May, the lowest jumped to 1 USD against 26.70 baht. Thailand's central bank devoted all its efforts to the whole country, and began its anti-encirclement campaign against Soros in the middle and late May. ?
As the first step, the Bank of Thailand formed an alliance with Singapore and used a huge sum of about 654.38+0.2 billion US dollars to absorb Thai milling. The second step is to imitate Mahathir's strategy and tactics in 1994 and prohibit local banks from lending Thai wood to Soros's army by administrative order; Step 3: Raise the interest rate substantially, and raise the overnight rate from about 10% to 1500%. The counterattack was so strong that Taimu rose to a new high of 2520 on May 20th.
Due to the sudden tightening of monetary policy, the interest cost increased greatly, which made Soros's army unprepared and lost 300 million US dollars. However, Soros intuitively believes that the Bank of Thailand is powerless. After doing their best, the Thais did not put themselves in a desperate situation, and the losses suffered were relatively small. In a way, Soros thinks he has won.
1June, 997, Soros sent troops again. He ordered the IMF to start selling US Treasury bonds to raise funds, and later launched a fierce attack on the Thai baht. After a short battle, the Bank of Thailand, with a foreign exchange reserve of only $30 billion, announced that it had "run out of ammunition and food", and it was beyond their power to maintain the Thai baht at a fixed exchange rate.
Thais have to come up with a last resort and float the exchange rate. Unexpectedly, as early as Soros expected, he also took various countermeasures, and the Thai baht continued to fall. On July 24th, the Thai baht fell to 32.5: 1 against the US dollar, a record low.
Extended data
According to foreign media reports, george soros, an 84-year-old financial tycoon, announced his "formal retirement" at a private dinner in Davos on the 22nd local time. Just like Bill Gates, the number one "big shot" in IT a few years ago, Soros also said that he would do charity.
Soros became famous on 1992 for "attacking the pound"-he took great risks to "attack" the Bank of England by buying and selling the pound against other currencies, resulting in Britain being forced to withdraw from the European exchange rate system and earning $650 million in "the first bucket of gold";
But what China netizens know better is that Soros "attacked" the Thai baht and the Hong Kong dollar in 1997, which triggered the "Asian financial turmoil" that lasted for several years; In 20 12, Soros shorted the yen and earned 10 billion dollars.
Soros has repeatedly threatened to retire before, all of which were "unsuccessful". This time he said "it is the last time".
Reference: Baidu Encyclopedia? George Soros? 、
People's Network? Soros, the "pusher" of the Asian financial crisis from 65438 to 0997, announced his retirement.