In 1998, Hong Kong's financial defense war began and ended

He is a giant of capital, worth more than the GROSS domestic product of the 42 member states of the United Nations. He was also a financial thug, organizing several financial wars and being barred from entry by several countries. In 1992, he crushed the Bank of England and made a net profit of $1 billion, which is known as Black Week 3 In 1994, the exchange rate of the peso was pulled back five years, and in 1997, he attacked Indonesia, the Philippines, Myanmar, and Malaysia, netting more than $10 billion, and he was George. Soros, almost undefeated in the financial markets, but in 1997, his eyes were set on Hong Kong, the financial city of Asia. At that time, Hong Kong had just returned to the motherland, and the outside world was constantly questioning, and once he entered, it would not only affect the future economic trend of Hong Kong city, but also a major provocation to China's international prestige. Will Soros and his international speculators return this time with a full load? A sensational world of gambling gradually began, from 1997. From October to June 1998, international speculators sniped at the Hong Kong dollar three times, hoarding a large number of Hong Kong dollars through the cost of international financial institutions, and then selling them on a large scale, and the Hong Kong dollar exchange rate was seriously impacted. At that time, Hong Kong was constrained by insisting on a free market, and the government could not actively intervene in the market, and could only defend itself by raising the interest rate of short-term loans and increasing the cost of speculation on the other side. However, the rise in interest rates has brought a series of activities in the housing market and the stock market. On 23 October 1997, Hong Kong's interbank interest rate soared to 280% and the Hang Seng Index plunged 10.04% on the day. Over the course of a few months, the Hang Seng Index fell sharply from 10,000 points to 8,000 points and pointed directly to 6,000 points. In this way, the solemn Soros voiced the trap of attacking the east and the west, they were ostensibly attacking the Hong Kong dollar, but in fact, the stock market and the futures market were the real targets. In just three rounds, Hong Kong has been reduced to a super cash machine for international speculators, but this is only the beginning of the war. In 1998, the second year of Hong Kong's return to the motherland, the notorious Soros led a group of international speculators in an attempt to crush Hong Kong's financial system and use it to suppress China's international status. They spread rumors in the market that the Hong Kong dollar is about to decouple from the dollar and depreciate by up to 40%. The British have been running Hong Kong safely for more than 100 years, and the remarks that the central government has just taken over the accident are even more sinister. In black market transactions in Shanghai, Guangzhou and other places, the exchange rate of the renminbi against the dollar once fell from 7.5 to 1 to 9.5, which is better than a glance, and if it continues like this, it will be eaten to the bone by the wolves, and the world thinks that they will succeed again. At this time, the mother of the motherland stood firmly, and Premier Zhu Rongji even issued a promise that the central authorities would safeguard Hong Kong's prosperity at all costs. With the motherland as the backing, the Hong Kong government has invested heavily in the face of these crazy international quarrels and treated them in the same way. On August 5, speculators sold more than HK$20 billion in one day in a vain attempt to short the Hong Kong government. A reactive approach, using Hong Kong's fiscal reserves to absorb the same amount, stabilized the exchange rate at the level of one DOLLAR to HK$7.75. However, Soros did not look down on China at that time, and they intensified their efforts and frantically smashed the plate. The Hang Seng Index fell below the 6660 mark on the 13th, compared with the peak of 16673 points in the past hundred million years, down 68% on the 14th of January. The Hong Kong government, under the pressure of being ridiculed by Western economists as a violation of the principles of the free economy, officially entered the stock and futures markets with huge foreign exchange funds and confronted the manufacturers head-on. The day before the settlement date on August 27, speculators rushed out to try to beat the index down. While clinging to the stock market, the Hong Kong government pushed the price of the August contract to 7990 points in the futures market, which was 1200 meters higher than before entering the market. Almost no one slept in Hong Kong that night. August 28, 1998 was the settlement date of the August contract of the Hong Kong Hang Seng Index Futures, also known as Soros. Guarding the days that many international speculators least want to recall, on the same day, the Hong Kong government and international speculators launched a fierce attack and defense on a number of blue-chip stocks such as HSBC Holdings and Cheung Kong Industrial. In the face of overwhelming selling and carpet bombardment, the Hong Kong government withstood unprecedented selling pressure and resolutely bought them all, finally setting a record for the Hong Kong market with a trading volume of 79 billion Hong Kong dollars. However, speculators did not give up, turning short-selling stock index futures contracts from August to September, betting that the Hong Kong government could not support it for a long time under the pressure of huge funds and public opinion. Who would have thought that the Hong Kong government took advantage of the victory to pursue, and did not give the opponent the opportunity to play overtime, and the motherland gave Hong Kong absolute financial support. At that time, Hong Kong's foreign exchange reserves of 82 billion US dollars, plus the central government's 128 billion US dollars of foreign exchange reserves, in the first September of that year, the Hong Kong government successively promulgated new regulations on foreign exchange transactions and settlement, restricting short selling, increasing margins and so on. On the same day, the Hang Seng Index directly soared 588 points, and the international speculators gradually grew. It is a sentence, throwing away the armor, and fleeing into the wilderness. In just two months, Hong Kong mobilized more than $10 billion and consumed about 13 percent of its foreign exchange fund, but eventually became the sole survivor of this series of financial wars with the strong support of the motherland. This battle not only suppressed the aggression of the black gloves of capital, but also safeguarded financial justice, but also blocked the mouths of those who had questioned our national strength and defended Hong Kong. We have convinced the world that the purple and gold flowers that have been stolen for 156 years will only bloom more brilliantly when they return to this red land