Spring Breeze 1991

On Friday night, in the multifunctional meeting room next to the securities trading room of Hua Xia United Bank, after a simple dinner, the combatants gathered together. Besides, Director Lin, Deputy Director Zhuo, President Li Jinghan and their colleagues from The elite soldiers selected by this unit will participate in the meeting with a learning attitude.

Pan Jie is the moderator and the keynote speaker.

The assistant started to play the slideshow, and Pan Jie introduced the situation.

"First of all, it is necessary to give a comprehensive introduction to Quantum Fund's combat methods. It is actually an uncomplicated process."

Pan Jie came up with dry goods, with one sentence as the opening remark, and then said, "Everyone, please watch the big screen. This is the whole process of the Thai baht being attacked."

"Since entering the 90s, Thailand's economy has developed rapidly, and it is considered to be the most promising Southeast Asian country to compete with the four Asian tigers. However, their economic development structure is problematic, and the economic bubble is getting bigger and bigger."

"Simply put, the prosperity of the financial market does not truly reflect the development status and prospects of the real industry. Mr. Yao has always warned us not to be obsessed with the profit model of the financial market. In the final analysis, it is rootless. What really determines the future is the industry. Industry within industry, there is a lesson from Japan.”

"But Thailand is obviously taking it lightly. Their government doesn't think or believe that there will be such a violent attack."

"Soros' attack method is very simple. They borrowed a lot of money from the national market and bought Thai baht with high leverage. They borrowed a lot of Thai baht from the Bank of Thailand and then converted the Thai baht into dollars."

Pan Jie paused for everyone to digest, and then said, "When Thai baht is converted into US dollars, the Bank of Thailand must have enough US dollars to convert it. The problem is that Thailand's foreign exchange is very limited. The place where Soros and others gamble is it's here."

He pointed to the slide and said, "They think that the Bank of Thailand's foreign exchange reserves cannot withstand their efforts. Once the Bank of Thailand's foreign exchange reserves are exhausted, the Thai baht must depreciate. This is easy to understand, because the Thai baht cannot be converted into US dollars. , losing the value of the currency.”

The reason why the U.S. dollar is considered synonymous with foreign exchange and represents currency lies in its strength.Whether any currency is exchanged for the US dollar will directly affect the value of the currency.

Deputy Director Zhuo is very easy to learn, and he is also the one with the worst ability to accept. He raised his hand and asked, "President Pan, isn't the depreciation of the national currency a good thing, which is good for export trade."

"This issue should be viewed dialectically. What kind of exchange rate should be maintained against the US dollar is the most conducive to import and export trade, and is conducive to maintaining the stability of the financial market. This issue is very complicated."

Pan Jie nodded to show that he understood Deputy Director Zhuo's question, and continued, "Soros' method is simple and rude. After the depreciation of the Thai baht, they exchanged US dollars for more Thai baht, and used the Thai baht to repay the loan from the Bank of Thailand. .”

"Using the exchange rate difference to make money." Director Li is an expert. Although he has not been in contact with the financial market for a long time, he grasped the key points at once.

Pan Jie nodded and said, "Yes, Soros is using the exchange rate difference to make money. Of course, the Bank of Thailand will not surrender easily when the matter develops to this point. Besides, Bank of Singapore is behind them. All the leaders know that Bank of Singapore is the strongest bank in Asia. one of the banks."

"To maintain the stability of the financial market, we must first maintain the stability of the Thai baht exchange rate. After the disintegration of the Soviet Union, the ruble plummeted after the disintegration of the Soviet Union. The Bank of Thailand repurchases the baht to stabilize the exchange rate."

Pan Jie stopped here, looked at Deputy Director Zhuo and said, "Director Zhuo, now I can answer your question. The relative depreciation of the currency is conducive to the export competition of domestic products. How much is lost. The most important thing is that Thailand is a country with a relatively weak real economy."

Deputy Director Zhuo understood, and said with a smile, "It means that I can exchange ten yuan for one dollar after hard work, but now I have to earn 100 yuan to exchange one dollar, which means that wealth has flowed out."

"That's what I mean." Pan Jie nodded and continued his introduction, "However, Quantum Fund has a very large background. We have definite information that behind Quantum Fund are many Wall Street private equity funds. Support. And..."

He looked at Yao Yuan.

Yao Yuan nodded slowly.

Pan Jie said in a deep voice, "And we have evidence that Soros, Quantum Fund, and Wall Street private equity funds have the shadow of the US government behind them."

Without giving everyone time to ponder, Pan Jie quickly said, "Soros and others have exploded with strong financial strength and confronted the Bank of Thailand head-on. Soros' move has attracted a lot of hot money from around the world, which directly strengthens Soros' strength here."

"In response to the crazy overnight lending by Soros and others, the Bank of Thailand raised the loan interest, hoping to make Soros and others quit in the face of high interest rates, but Soros broke out with rare determination and accepted all the orders. Continue to confront it head-on."

"In this way, the US$120 billion provided by the Bank of Singapore was exhausted, and even the Singapore dollar was affected."

Pan Jie paused again, and said, "If the Thai government intervenes forcefully, there is still a way to stop Soros' madness, but what is surprising is that the Thai government suddenly announced to abandon the fixed exchange rate system and implement a floating exchange rate system shortly thereafter."

"This is like handing over the right to manipulate the Thai baht exchange rate to Soros and other international speculators, and these countries have only one purpose of copying their houses - to maximize their own interests, and there is no moral bottom line at all. Manipulate the Thai baht exchange rate crazily, high and low. Low, it's like a roller coaster, and it's a way to make a huge profit."

Pan Jie finally said, "The wealth accumulated by the Thai people in the past 30 to [-] years can be said to have been completely lost in this financial crisis. To sum up, Soros' method is to exchange it into US dollars through overnight lending, depleting the opponent's foreign exchange reserves, and then throw them out in large quantities, forcing the target currency to depreciate, in order to achieve the purpose of manipulating the target currency exchange rate.”

He concluded, "Borrow when the price is high, and pay back when the price is low. Soros' method is simple because it can be summed up in four words: borrow high and pay low."

After Pan Jie said this, he put down the laser pointer and returned to his seat. The slides were closed and the lights in the meeting room were turned on.

Yao Yuan added, "Thailand's real estate industry is developing very fast, and the real estate bubble is already very large. This is the weakness that Soros found, and it is also Thailand's most vulnerable weakness. After this battle, Thailand's real estate and stock market plummeted. Now go to Take a look in Bangkok, there are a lot of unfinished buildings and infrastructure projects, and there are bloodstains of investors who committed suicide by jumping off buildings on the construction site.”

He looked around and suddenly said, "Hong Kong's real estate bubble is also very big."

The crowd was startled.