章節 1453: Chapter 1453: Foreign exchange! Foreign exchange!
"The stock market can't turn over anymore, and the enemy has hundreds of billions of Hong Kong dollars in their hands. What do you think they can do?'
Xia Yu said indifferently with a sneer curling the corner of his mouth.
Destabilise the banks' capital chains? That's completely impossible, because the shorts, in order to maintain confidentiality, use special banking channels, and not only Hong Kong banks, but also British banks such as HSBC and Standard Chartered, none of which have been used.
So it's completely ridiculous to think of destabilising Xia Yu's side of the banking capital chain.
So the only thing that can be done is the foreign exchange market!
Wang Qi understood at once. His face suddenly grew grave, and he said in astonishment, 'Chairman, is the enemy trying to get at Hong Kong's linked exchange rate system? Trying to destroy Hong Kong's foreign exchange system?'
Xia Yu nodded slightly, 'That's the only possibility.'
'The Hong Kong Monetary Authority's foreign exchange reserves are updated regularly, although they are not specifically made public, but this data cannot be hidden from anyone.'
'It's normal for the enemy to have this in mind.'
Wang Qi nodded and suggested, 'Chairman, with such a huge amount of enemy funds, the Hong Kong Monetary Authority cannot hold out for long. Should we not quickly gather the heads of each bank through the Hong Kong Association of Banks to raise foreign exchange as soon as possible?'
'Or should we let the Monetary Authority step in?'
'Ring ring ring...'
Just as Xia Yu was about to speak, the phone on the table suddenly rang urgently.
He paused for a moment, picked up the receiver, and said, 'Hello...'
'Pat!'
After a brief conversation lasting half a minute, Xia Yu hung up the phone. He looked at Wang Qi and said with a faint smile, 'Zhou Shanwen called. He'll be here in a while.'
'The enemy has made a move in the foreign exchange market.'
Wang Qi was taken aback and looked emotional. Sure enough, the chairman was right again.
Wang Qi was also familiar with Zhou Shanwen, whom Xia Yu had mentioned, and had dealt with him many times. He also knew that he was one of their own.
Zhou Shanwen was originally the head of the Financial Management Section under the Financial Secretary's Office of the Hong Kong government, but after the Financial Management Section merged with many departments such as the Banking Regulatory Office in 1983 and was reorganized into the Hong Kong Monetary Authority, Zhou Shanwen assumed the position of director.
The Hong Kong Monetary Authority can be said to be the most authoritative institution in the financial sector of Hong Kong. Apart from not having control over the issuance of Hong Kong dollars, it has all the powers of a central bank.
These include maintaining currency stability within the framework of the linked exchange rate system, promoting the stability and integrity of the financial system, including the banking system, assisting in consolidating Hong Kong's position as an international financial centre, including maintaining and developing Hong Kong's financial infrastructure, and managing the Exchange Fund.
It wasn't long before Zhou Shanwen arrived at Xia Yu's office.
Seeing Wang Qi there too, Zhou Shanwen, who had just entered the room, was momentarily taken aback, and then respectfully greeted Xia Yu, and also included Wang Qi.
'Mr Xia, Mr Wang, good morning!'
'There was some traffic, so I'm sorry for keeping you waiting.'
'It's fine.'
'Shanwen, have a seat.'
Xia Yu smiled and shook his head, and Zhou Shanwen thanked him before sitting down.
After sitting down, Zhou Shanwen took a few deep breaths and then said, 'Mr. Xia, let me report to you. Early this morning, the Foreign Exchange Fund Management Department of the Bureau reported an emergency to me. Major licensed brokers and banks in Xiangjiang applied to our bureau for the conversion of US dollars.
'Because the amount is very staggering, the amount of US dollars applied for exchange is as high as 5.2 billion, so I asked around and found that this is a premeditated action.'
'Because the US dollar foreign exchange managed by our bureau is only 11.78 billion US dollars, so for the time being I am letting the following side exchange while dragging...'
After reporting all at once, Zhou Shanwen was shocked to discover that Xia Yu was not the least bit surprised, but instead had an inexplicable smile on his face.
'This...'
Seeing Zhou Shanwen's shocked expression, Wang Qi explained with a smile, 'Director Zhou, before you even called, the chairman already guessed it. And the enemy's funds amount to hundreds of billions of Hong Kong dollars. The 5.2 billion US dollars in foreign exchange you have counted so far is just the beginning.'
Zhou Shanwen's eyes widened in shock, 'There are hundreds of billions of Hong Kong dollars?'
'If they were all exchanged into US dollars, it would be at least 50 to 60 billion US dollars. With the power of the Hong Kong Monetary Authority, it's simply impossible!'
Where does the HKMA get its foreign exchange?
It buys it from the market!
But buying requires a large amount of capital, so where does that capital come from?
Although the enemy has a large amount of Hong Kong dollars in their hands, these Hong Kong dollars can only reach the HKMA after the transaction is completed, and the HKMA's Foreign Exchange Management Department then uses this money to buy US dollars.
This process takes a long time!
Most importantly, once a large amount of US dollars are bought in a short period of time, it will definitely push up the exchange rate of offshore Hong Kong dollars against the US dollar.
In this way, the more foreign exchange is bought, the greater the loss to the Monetary Authority. This is because no matter how much money is spent to buy US dollars, the Monetary Authority must exchange them at a rate of 6.1 Hong Kong dollars to 1 US dollar with licensed institutions in order to maintain a fixed exchange rate in Hong Kong.
If the enemy has enough power, they can completely block the Hong Kong Monetary Authority at the source, doing everything they can to make sure that the Hong Kong Monetary Authority cannot buy US dollars even if they have the money.
When official prices can no longer be maintained, the black market will naturally flourish, and there is no way to stop it.
'Mr Xia, what should we do?'
Zhou Shanwen hurriedly looked at Xia Yu. At this time, the only person in Hong Kong capable of resolving this potential crisis was his boss.
Xia Yu took a sip of tea and said slowly, 'I can assure you that US dollars can definitely be bought. As long as you hand over Hong Kong dollars to Jiuding Bank, you can buy as many US dollars as you need.'
If someone else had said this, Zhou Shanwen would have certainly laughed in their face, but when it came from Xia Yu's mouth, he believed it!
Even if it involved a minimum of 50 to 60 billion US dollars!
'Mr Xia, I'm completely relieved to hear this,' Zhou Shanwen let out a long breath and smiled.
However, Xia Yu shook his head, causing the smile on Zhou Shanwen's face to freeze instantly.
He asked carefully, 'Mr Xia, is there a problem?'
'Dong! Dong!'
Xia Yu tapped his fingers on the table and said indifferently, 'The problem is not with me, but with you!'
'You must also do your best to buy US dollars while stabilising the exchange rate, so as to improve your ability to deal with the crisis.'
'Not only that.'
'The enemy will definitely try to create negative public opinion, so you must stand up and show your strength to demonstrate your confidence and determination. You must not let the enemy gain momentum. Do you understand?'
'Otherwise, if panic breaks out and everyone tries to exchange their money for US dollars to preserve their wealth, then it won't be enough to solve the problem with just 50 or 60 billion US dollars in foreign exchange!'
Zhou Shanwen had this image in his mind, and he shuddered. He hurriedly said solemnly, 'Mr Xia, please rest assured, I will definitely follow your instructions and stand up to these enemies to the end!'
Xia Yu's eyes flashed with satisfaction, and he nodded slightly to indicate that he agreed. 'Crisis is crisis, danger brings opportunity!'
'In my opinion, this crisis is an excellent opportunity. If it is successfully resolved, the reputation of the Financial Services Authority will be firmly established, and the people of Hong Kong will have more confidence.'
'At the same time, it will also play a cornerstone role in the strategy of Hong Kong becoming an international financial centre.'
Zhou Shanwen sat up straight, nodded emphatically, and responded loudly, 'I understand, I will not let you down!'
Xia Yu nodded with a smile and said again, 'I will teach you some more things...'
After once again reminding Zhou Shanwen and answering all his questions, Zhou Shanwen left with a light step.
After learning about the deployment, Wang Qi's mind also became active. He was ready to have some fun with the short sellers in the Hang Seng Index futures and then take a layer of oil from the enemy.
As Xia Yu had expected,
the enemy deliberately spread news to create market panic. By the afternoon, news of a crisis in the Hong Kong Monetary Authority's foreign exchange reserves was rife in the financial community.
All major institutions urgently convened high-level meetings to assess the current situation.
The previously clear capital battle in Hong Kong was once again overshadowed...
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