Chapter 474 Misfortunes never come singly (7)

  After the market closed on September 5, the Hong Kong government held a press conference to announce the results of the previous attack on international speculators and some follow-up measures.

"Based on the current volatility of the Hong Kong stock market and the malicious hype of international speculators, after mutual negotiation between the Futures Exchange and the Hong Kong Stock Exchange and approval by the HKMA, starting tomorrow, the margin for each lot of HSI futures will be reduced from the current 8 Ten thousand Hong Kong dollars adjusted to 120,000 Hong Kong dollars..."

"In addition, after fully soliciting opinions from all parties, the Futures Exchange has decided that starting tomorrow, it will regularly announce the position and direction of large futures investors. The situation of individuals and institutions with more than 500 futures lots will be reported to the Futures Exchange by brokers , in the case of comprehensive data from all parties and protection of client confidentiality, the futures exchange will regularly issue risk warnings to remind investors to pay attention to avoiding risks..."

"In addition, when necessary, the Hong Kong Stock Exchange has the right to restrict short-selling of stocks or suspend short-selling. In an emergency, this measure will help alleviate the market's inexplicable emotions and give investors sufficient time to calm down. Regarding the The implementation conditions and plan of this measure will be announced to the world after the first draft is formed, and will be put into practice after full discussion and demonstration..."

  …

  During the half-hour press conference, government officials did not accept interviews from journalists, but only announced a series of policies and measures to limit financial speculation. Although the government did not say anything clearly, it is clear to almost everyone that these measures are aimed at international speculators.

At the end of the press conference, the spokesperson said meaningfully: "The Hong Kong government and the capital that is united with the Hong Kong government have won staged victories in the struggle against international speculators. In the future, we will continue to contribute to Hong Kong's long-term prosperity and stability." Contribute to the well-being of the six million citizens." This sentence is generally interpreted by the outside world as the Hong Kong government unilaterally declaring victory in the struggle against international speculators.

  Although after August 28, almost everyone knew that the international speculators had suffered a major setback in the Hong Kong capital market, but how the situation developed afterwards and what the future of Hong Kong was, most people did not know. As for whether international speculators will make a comeback and whether Hong Kong can resist this type of speculation for the second time, ordinary people still linger in their minds.

   Now the Hong Kong government has stepped up and made a public statement, giving everyone a reassurance. Although in the ensuing discussions, various voices of doubt arose, the voice of the Hong Kong government undoubtedly gave the market a shot in the arm. In the next three trading days, the Hong Kong stock market soared wildly, directly rising from around 7400 points to 8200 points. It slowed down slightly after reaching a certain point.

In the subsequent quotations, some market observers were surprised to find that despite the loss of the stock index in August, some short sellers were still lurking in the market and did not leave. Against the background, they reluctantly left. These crocodiles, which quietly changed months at a high price in August, and only surfaced in September with a loss of more than 30,000 Hong Kong dollars per contract and an increase in cost of 40,000 Hong Kong dollars, really surprised many people.

  Strictly speaking, from the perspective of interests, this cannot be regarded as a victory for Hong Kong, because the international speculators only paid a small price and forced the Hong Kong government to indirectly announce a bailout. From this perspective, they are indeed impressive. Moreover, as far as these so-called costs are concerned, they are only part of the market value that has evaporated during the several crises in Hong Kong. Generally speaking, international speculators still make money in Hong Kong. And the most important thing is that some speculators still have cash bonds in their hands, and it is entirely possible for them to achieve the purpose of stopping losses by holding these high-quality stocks for a long time.

  From the side of the Hong Kong government, it took a lot of effort to finally keep the linked exchange rate system. This is the same as repelling the attacks of international speculators, and it has become the biggest achievement of the Hong Kong government. But from another perspective, it is also an indisputable fact that due to the attacks of international speculators, Hong Kong's commercial activities have shrunk, investment has decreased, property prices have plummeted, consumption has weakened, unemployment has increased, and the economy has experienced negative growth. It is difficult to determine whether it is victory or defeat.

  The real reason for the retreat of international speculators, in addition to the reason why the Hong Kong government unilaterally announced to repel the opponent, the rapid appreciation of the yen also played a vital role.

  On September 6th, Yu Hayami, with blood-red eyes, came to the office. What awaited him was everyone's looking forward to it. At this time, although BOJ has no obligation to do something, everyone has a sense that BOJ must do something to respond to the market, even though this market is geographically far away from Japan. distance.

   "Let's see the market situation first!" Looking at the pair of expectant eyes, Hayami Yu sighed, waved his dry hand like chicken feet, and let these people go out to do things, leaving only Kuroda Haruhiko.

   "In fact, there is such a situation now..."

   When it was only the two of them, Hayamiyu finally let go of his heart, and poured out the problems that had been troubling his heart all at once. This matter is the appreciation of the yen. Although the Ministry of Finance has repeatedly urged BOJ, Yu Hayami and several other executives of the Bank of Japan have discussed several times, but still cannot find a good opportunity to enter the market.

  Right now, it may be an opportunity.

The reason why I mentioned this to Haruhiko Kuroda is because Yu Hayami felt that Haruhiko Kuroda was a rare talent in his heart. Except that he was a little frizzy and needed to be tempered, his connections in the political and financial circles were a bit poor. Other than that, there is basically nothing to blame. And most importantly, as a representative of the new generation, Haruhiko Kuroda has vigor and drive that these old people do not have, and his dependence on the United States is not so serious.

  When three people walk together, there must be my teacher, Hayami Yu deeply believes.

"this…"

  After hearing this, Haruhiko Kuroda pondered for a while, not knowing what to say. Although he has heard about it, when it comes to making decisions, he finds that there are many constraints. After all, every policy of the central bank may have a major impact on the market, threatening the jobs and jobs of tens of thousands of people. post.

   "It's better to see the market's reaction first!" In the end, he shook his head like a rattle, as a reaction that he could not give any opinions.

   "That's the only way!" Yu Hayami thought for a while, and could only nod in response.

  …

When the economic crisis was at its worst, the exchange rate of the yen hit a new high of 147.63 yen per dollar, and almost broke through the 150 mark. Although the yen began to recover slowly, so far, it is still hovering at 135 The level at which the yuan is exchanged for one US dollar.

  However, today, the atmosphere about the yen trading has changed significantly. After the Hong Kong side declared victory, this sentiment disturbed investors who invested in the yen. Because Hong Kong is currently a country or region that is under a "fixed" exchange rate system and can retreat under the siege of international speculators. This victory has greatly encouraged the confidence of the market and shattered the establishment of international hot money since the Asian currency crisis began. The myth of "invincibility is invincible".

  After opening at 134.20, the yen began to rise slowly but firmly. Although the stability of the Hong Kong currency is only an unimportant news, the bullish sentiment in the market has overwhelmed the bearish sentiment. The trend of the yen against the dollar has been rising all the way, from 134.20 yen to 1 dollar. 134, 133, 132, 131, etc., and finally stayed at the level of 130.87 yen to 1 dollar. The water rose 3.38 points throughout the day, an increase of 2.52%.

   This is an embarrassing number!

Not long ago, the yen hit the highest exchange rate of 129.02 yen to 1 dollar in several years. Although it broke through the 130 mark, it was quickly suppressed by the short side, because temporary speculation could not determine market expectations. The market generally believes that around 130 is the bottom line for the current yen.

   Now, even with Hong Kong announcing to repel international speculators, the trend of the yen still has not broken through the 130 mark.

   "What should I do?"

   Seeing this market situation, Yu Hayami stomped his feet anxiously, walking around in his weirdly decorated office, muttering: "130, 130..."

  Beside him, Haruhiko Kuroda stood upright like a javelin, with the same frown. And Yu Hayami's pacing back and forth made him particularly upset, but he didn't dare to say anything, he could only try his best to expel this discomfort from his mind.

   "What should I do?" After a long time, Yu Hayami finally stopped pacing uselessly, as if talking to himself, and as if asking Kuroda Haruhiko.

   "What?" Haruhiko Kuroda was taken aback for a moment, then spread his hands with a look of helplessness, "Hayami-san, I don't know what to do."

Seeing Haruhiko Kuroda's appearance, Hayamiyu sighed helplessly. He wanted to get angry but didn't know where to start. He could only lower his head silently. After thinking and thinking, he suddenly caught a hint of inspiration, and suddenly He raised his head and said with a strange expression: "If...if..."

   "What if? Hayami-san!" Seeing his extremely distorted expression, Haruhiko Kuroda's heart ached, and he hurriedly asked. Although he couldn't think of any good plan at this time, seeing Yu Hayami's expression, the other party must have thought of something, so he couldn't control his emotions all of a sudden.

  To his surprise, Hayami Yu didn't continue, but after taking a deep look at him, he said slowly: "Last time, did you finish the thing you were asked to shoot?"

   "It's done!" Haruhiko Kuroda immediately replied, but soon he realized something, his expression changed, and he asked hastily, "Boss, are you planning to hype yourself?"

"Not bad!" Yu Hayami clenched his fist, swung it into the air, and said viciously, "This time is indeed a good opportunity. If we miss it, I'm afraid we won't be able to find a better opportunity later. So I don't plan to If you miss it, even if you lose your own reputation, you will not hesitate!"

   "But...but..." Haruhiko Kuroda was sweating profusely, and asked repeatedly, "But didn't you say that those photos were used for other purposes?"

"But the timing is not right now!" Hayami Yu, who had made up his mind, had completely calmed down at this time, and after a sinister smile, he explained, "Although his arrival is of a private nature, the official must also I know. But the gossip magazines that broke the news to Hong Kong can still disgust this person and provide materials to his political opponents. But right now, I really can’t care so much. It’s important to use it on us first. Kuroda-san, hurry up and prepare Bar!"

  Seeing that it would be useless to talk too much, Haruhiko Kuroda had no choice but to leave after saying "Hay", to contact the photographer, and at the same time call influential media in Japan, preparing to arrange the front page of tomorrow's newspaper.

   Failure to attack the yen below 130 not only embarrassed BOJ officials, but also made New York hedge funds relax their vigilance, which resulted in a huge disaster for them.

   Thank you book friend Xiao Qi for the miracle of civilization and the gambler, it wasn't me who voted for the monthly ticket! PS: I have to go on my way again tomorrow, so I probably won’t be able to write it out… I’m sorry everyone…

  

  

  (end of this chapter)