What is the financial turmoil in Hong Kong?

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 chaos and out-of-control of reserve management and financial markets provide speculators with a golden opportunity. Eat persimmons soft.

To sum up, Soros's wishful thinking is to start with the most vulnerable countries such as Thailand, Indonesia and Malaysia.

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

The impregnable impression of farmers has shattered 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 became the first target.

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

Under the aggressive offensive of merchants, the Bank of Thailand and the Bank of Singapore joined hands to enter the market in an attempt 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 status 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 move forward. At the same time, the devaluation of the Thai baht wave after wave, Thailand

The Thai baht hit record lows against the US dollar. 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 become a victim.

The peso exchange rate began to fluctuate greatly.

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

Panicked and worried about themselves, all kinds of disadvantages under the cover of peace and prosperity were 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.

Let those speculators lose their money. "Swear to swear, but its financial market is like a bucket. 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 13 baht and

The exchange rate system linked to the US dollar. On the same day, the Thai baht plummeted by 20%. On July 29th, the 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

Try to raise interest rates four times in a week, and announce the expansion of the fluctuation range of peso against the US dollar in an attempt to fight Solo.

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

It fluctuated to a certain extent, and for a time, the devaluation of the peso was terrible. In fact, it 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 catch.

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 could not stop the powerful attack of speculators. Malaysian currency and Indonesian currency were right.

The exchange rate of the US dollar is lower and lower.

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

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

The exchange rate continued to fall.

Under Soros's tough stance, governments all over the world were overwhelmed and gave up their defensive actions one after another.

At first I gave in, looking powerless to fight back. Let the domestic currency fluctuate in the market. On the other hand, China

International currency speculators are even more fearless, and they are rampant in Southeast Asian financial markets for a while.

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

Things in the pool, even the United States, which has been on the sidelines in this trend, has begun to express its position. The US Federal Reserve Board of Directors

Greenspan 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 at

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

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

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

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

On August 5, crisis-ridden Thailand agreed to accept a standby loan with harsh conditions 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 a dozen countries and regions in the world held a meeting with the International Monetary Fund in Tokyo, Japan.

The International Monetary Fund and some Asian countries and regions promised to share the total amount of * * * 1 600 million US dollars for Thailand (later increased to1

6.7 billion US dollars), of which China and China and Hongkong each promised to lend 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 total value of US$ 3.3 billion.

Temporary loans helped them tide over the difficulties.

Just as Southeast Asian countries were asking for help and actively planning, international speculators disappeared and suddenly stopped.

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

Qi: Well, the storm has finally passed!

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. Unfortunately,

This calm lasted only a few days; Eastern neighbors 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 point, Soros, with a gesture of being in power and tide wait for no man, left the courage to pursue the bandits 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, which had made Southeast Asia a nightmare for more than four months, gradually subsided.

Quiet. According to industry analysts, this storm has come to an end. 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 money.

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

The child hit 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 also smartly arrange trips to Europe every year; Children are sent to private schools ... when you meet one outside Bangkok.

A rural housewife or even a street vendor may be a member of the stock army; "Money comes too easily.

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

The people of China were stunned to see Soros and others take everything that originally belonged to them away from them; Household 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 our rights.

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

For all Southeast Asians, the great wealth they once had vanished in an instant, Samat Electric.

Chanu Vast, president of Xunxun Company, said: Bangkok people haven't even had time to enjoy the splendor, and the 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 struggling for a dream garden for 30 years, and I was about to move in when a storm came. "I have to return." he

Go ahead.

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

Feeling, let them 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 was very hot, and the shopping mall on Sunday was still crowded, only

One difference is: I have no money, so I 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, Malaysia's former 12 richest people lost money only in the stock market.

65.438+0.3 billion US dollars, the children of Indonesian President Suharto were also forced to sell their own companies to avoid losing money.

The appearance of the face. "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.

",Thai university professor helplessly sighed.

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 June 1987 and June 10 in Hong Kong 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 on Wall Street 10. Because of this, it became a vote.

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

On the contrary, the Dow Jones index rebounded by 74 points after falling by 2 10 points in a week.

While investment analysts are celebrating, on the other side of the globe, there have been crises and undercurrents.

. 10 years later, another "Black Monday" began to come, but this time it was overwhelming 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.

.33 points, but this trend continued on the 22nd, falling by 1, 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, which is only about 7% on 2 1 day, once fluctuated violently.

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, the Financial Secretary of the Hong Kong Special Administrative Region, said on the same day that Hong Kong's basic economic factors were good, and the stock market decline was 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 yesterday.

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, perhaps because of the SAR government and financial managers.

Investor confidence has been affected. On the 24th, after four consecutive trading days, the Hong Kong stock market moved 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 global stock market formed a vicious circle of general slump, and the Dow Jones index in new york on the 27th.

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's 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 landing points is the highest in history. In this situation, the volatility of the Hong Kong stock market is not limited to its own reasons.

Vegetarian.

In this regard, Tung Chee-hwa, Chief Executive of the SAR, 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. The fluctuation of Hong Kong stocks is

The central government will follow 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, 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. Sing Tao Daily commented: "In the past, we were experiencing.

After the economic crisis, Hong Kong will recover quickly and become more dynamic, and this time should be 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 was the highest 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 world like a volcanic eruption.

Thailand and Malaysia, 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 SAR is rich in 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 several 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. Resulting in the Hong Kong dollar 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 on bank loans forces banks to return their surplus positions, allowing borrowers to sell Hong Kong dollars and buy US dollars.

Faced with the situation of clearing the field, 60% speculators balked at 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 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 adopted a two-pronged policy and public opinion offensive to remind these "hot money predators".

Don't make a move. The attitude of Hong Kong monetary authorities is extremely 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; When meeting with the media, the Financial Secretary Donald Tsang and the Secretary for Financial Services, Mr Rafael Hui, reiterated that the linked exchange rate should remain unchanged.

Interest rate is the government's first choice goal, and it is bound to soar for this goal. 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 achieve stability.

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

In our relationship with the US dollar, only speculators died from speculating on the Hong Kong dollar. "

International speculators have repeatedly attacked the Hong Kong dollar, not only aiming at the profit of the Hong Kong dollar exchange rate, but also taking comprehensive measures.

Strategically, to benefit from the stock market and futures market, their approach is to accumulate a lot in the futures market first.

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

When measures are taken to raise interest rates substantially, the stock atmosphere becomes pale, and people worry that the sharp rise in interest rates will push down the stock market and the property market, which

At that time, speculators sold the futures index conveniently, which made the futures index dive. As a result, the stock market panicked and people were in a panic.

By selling stocks, speculators can close their positions and make huge profits. In other words, although speculators compare the Hong Kong dollar exchange rate

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

In this regard, the Hong Kong financial authorities launched a tit-for-tat struggle. Their measures are as follows: First, huge amounts of money have been used.

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. China Telecom's return to the stock price level has also emerged.

Set up a stimulus effect to calm down red chips and state-owned enterprises and rebound. In addition, interest rate cuts in China Mainland have 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 time, this

A thrilling battle for the Hong Kong dollar came to an end. Chief Executive Tung Chee-hwa praised Financial Secretary Donald Tsang.

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

It's hard to win, but the shock it brings to people is not limited to the crisis itself, it forces more.

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 businessmen.

People in the industry, summing up the financial turmoil, look for a better way to fight back, in order to prevent the Hong Kong dollar from being attacked by foreign exchange speculation again.

Strike.