Chapter 640

On the 25th, affected by the abandonment of the new Taiwan dollar, the exchange rate of new Taiwan continued to decline slightly.

Before that, in order to defend the exchange rate of the new Taiwan dollar, the Central Bank of Taiwan intervened in the foreign exchange market for two and a half months and successively invested US $4 billion. Yesterday, it suddenly gave up guarding the foreign exchange market and significantly reduced the deposit reserve, which naturally caused a chain reaction in the financial markets in the Asia Pacific region.

At this time, Taiwan's foreign exchange reserves exceeded $80 billion, ranking fourth after Rb, the mainland and Hong Kong. In order to protect the foreign exchange market, Taiwan only consumed less than 5% of its foreign exchange reserves. At this time, the foreign accounts owed by the Taiwan authorities are even less than $100 million.

The practice of Taiwan's central bank immediately aroused criticism from Taiwan's opposition parties and economists. Legislators from both the government and the opposition signed a plan to ask Xu Yuandong, President of the central bank, to resign.

When Guo Songyan sat in the car and saw the newspaper's financial reports on the Asia Pacific region, he was inevitably depressed. Zhang Ke couldn't show a complacent look. He couldn't forget to tell Guo Songyan that they were rubbing their hands and waiting for the moment when h country couldn't hold up.

On the 25th, the exchange rate of the Korean won against the US dollar continued to decline, and Asia closed down 1.8% compared with yesterday's quotation. Although the Central Bank of H continued to enter the foreign exchange market to support the Korean won today, it was still unable to stop the decline and recovery of the Korean won.

In the Asian market, the trading volume of the Korean won against the US dollar also broke through a new high, breaking through US $800 million on the 25th.

In the rest of the month, the cumulative decline of the won was 12%, but Zhang Ke clearly knew that this was not the fattest time for the won. The delivery period of the won forward contract transactions in their hands was concentrated in the middle and early December, but they put their chips on the country h. The total outbreak of the economic crisis was no later than the end of November

The composite index of country h fell sharply for the second day in a row. Market participants are worried that foreign investors will continue to withdraw from the stock market of country H - this is inevitable. Short trading continues to shrink due to the lack of takers, and no one is happy to stay in a highly dangerous area.

In order to stabilize the current weak stock market, the H National Academy of Finance and economics asked Duoda enterprises to buy back the company's shares.

On the same day, the Development Bank of country h filed a request to the court to take over Kia Motor Company and its sister company, Asian motor company, which are troubled by Beibei's financial problems. This will be the largest enterprise takeover action in country h's history.

The economy of country h is supported by large enterprises. The economic collapse of country h began with the collapse of these large companies.

RB Economic News reported today that the Central Bank of Rb is taking action to prevent the Asian financial storm from spreading to RB. In the financial storm sweeping Southeast Asia, Rb's exports - RB's exports to Asia account for 40% of its total export value - have been seriously affected, which may block RB's last export out of recession; The Nikkei index fell nearly 4%.

The Hong Kong dollar was also impacted by speculators today. The HKMA decisively released a large number of US dollars into the foreign exchange market to support the Hong Kong dollar and maintain stability for the time being. However, the interest rate of the Hong Kong dollar rose and the pressure was introduced into the stock market. Affected by the surrounding regions, the Hang Seng Index fell sharply in early trading; As the delivery period of the Hang Seng index futures contract in the quarter month and the current month is approaching, the closing action is concentrated, and Chinese investors enter the market, the Hang Seng index rebounded in the afternoon to fill the decline in the morning, becoming the only rising stock market in the Asia Pacific region.

Demonstrations demanding the resignation of prime minister Wali continued to spread in the streets of Bangkok and its major cities, shaking Thailand's political situation.

There was news that the government would close 16 banks in Indonesia. There were long queues in front of Street banks in Jakarta and Bandung.

Malaysian Prime Minister Mahathir, who arrived in Hong Kong to attend the annual meeting of the world bank and the International Monetary Fund, held a press conference after staying in the hotel and said that if American financier Soros has a conscience, he should stop manipulating the stock and currency markets of Southeast Asian countries, and Soros, who was invited to attend the first day of the conference, also stayed in the same hotel.

After entering Shangri La Hotel, in order to dispel Guo Songyan and his entourage's depression, Zhang Ke asked him to arrange a small self-help reception in the senior suite of Shangri La Hotel for entertainment, which is also convenient to discuss some things at the reception.

Guo Songyan is not too optimistic about whether he can get out of the trough of the financial storm as soon as possible. He should return as much funds as possible to cope with the more difficult situation in the future. This is what Guo Songyan needs to do most urgently at this time.

Guo Songyan naturally looks forward to the equity investment of Xinguang paper in Yunyuan pulping as soon as possible. In Zhang Ke's words, "take advantage of it" is also willing.

In the corner of the luxurious living room, Zhang Ke, holding a glass with fresh red wine, explained with Guo Songyan some details of the equity investment, "the equity investment of Xinguang paper in Yunyuan paper has won the financial support of Donghai branch of the Export Import Bank of China..." in this corner, Zhang Ke, Guo Songyan, sun Shangyi and others stood, Zhang Ke said, "On the other hand, China is also willing to provide some financing to alleviate the financial pressure of Yunyuan group in the investment project of the wafer factory..."

The contact with Liu Zhicheng here is not close enough, and Guo Songyan is expected to promote many work. In order to promote Guo Songyan and prevent Guo Songyan from backing down because of the temporary difficulties of Yunyuan group, Jianye city can be responsible for solving the part of the investment of Yunyuan group in the wafer factory investment project.

With such favorable conditions, the huge market with a population of 1.3 billion will promote the mainland economy to continue to grow without the impact of the Asian financial turmoil. At this stage, even if the project is transferred to the mainland, Singapore will not set additional obstacles to wafer manufacturing technology. The key depends on Liu Zhicheng's attitude. How would the wafer factory be without his technical team Nothing can be done.

Guo Songyan nodded and said, "in short, I still want to go to Taiwan..."

Things come faster than everyone expected, and bad news usually comes one after another; The fierceness of the coming was also beyond Zhang Ke's imagination.

On the night of the 25th, the media of country h revealed that at least 12 commercial banks were carrying huge bad debts. Previously, because they could obtain huge US dollar foreign debt from the international financial market to cover up their operational defects, after the financial storm, international financial institutions contracted their money. These commercial banks of country h can no longer tear apart East walls from the international financial market to make up for west walls, and the government will no longer rescue them, Bankruptcy is imminent.

H-state shunshan enterprises submitted bankruptcy applications to the court that night. So far, five of the 30 large enterprises in H have gone bankrupt or applied to the court for bankruptcy protection.

Stimulated by these two news, on the morning of the 26th, the comprehensive index of country h fell again, falling 5.91%, and the won fell 3.4% compared with yesterday. This is the biggest drop in the won in the past decade. It seems that most financial experts don't think this will be the biggest drop in country h this year.

Once it falls below the level of 1100 against the US dollar, power will slide to 1350.

The black cloud wrapped in the thunder and lightning of the financial storm is so fast that it envelops the sky of H country.

On the 26th, the stock markets of Taiwan, the Philippines, Malaysia and Singapore all fell.

However, the Hang Seng index continued yesterday's late rise and unexpectedly rose 2% all over the sky.

On the one hand, it is affected by the centralized closing and buying operation of Hang Seng index futures contracts. On the other hand, Hong Kong stocks took the initiative to ebb in the early stage, making some investors transfer their funds to Hong Kong, which is called "safe haven effect" by economic analysts.

On the 27th, as Yamaichi securities, one of Rb's largest securities institutions, fell into the shadow of bankruptcy, the Nikkei index fell sharply by 5.1%.

On the 27th, the Minister of Finance and economics of country h publicly said that he would sign a rescue supporting agreement with the International Monetary Fund as soon as possible, so as to make the comprehensive index of country h break away from the adverse impact of the sharp decline of the Nikkei index in the afternoon and maintain stability slightly. However, reports of the continuous deterioration of the economy of country h have been released one after another.

In a report released by the International Monetary Fund on the afternoon of the 27th, it was pointed out that the total amount of bad debts of two commercial banks in country h exceeded US $10 billion, and the rescue application of US $20 billion loan applied by the government of country h was far from enough to help country h tide over the difficulties.

Due to this news, the composite index of country h fell sharply in the afternoon, and the exchange rate of the Korean won against the US dollar also fell 2.4% again compared with yesterday.

In the evening, the International Monetary Fund mercilessly dished out an economic analysis report, pointing out that by the end of December, the available foreign exchange reserves of country h had been less than $10 billion, but the total short-term foreign debt of country h had reached $96 billion.

Affected by the financial turmoil, it is extremely difficult for the commercial banks of country h to borrow US dollars in the international financial market recently. There is also news from the financial circles in Hong Kong. Many commercial banks of country h turn to the banks of Hong Kong for help, and the one-month lending rate has shouted a frightening 8%; The Bank of Hong Kong refused to consider the risk.

Ye Jianbin screamed with excitement at the bad news that broke out one after another. These bad news were just the bad news that led to the gradual collapse of China's economy. Ye Jianbin heard it like a strange sound of nature. He also knew that it was just an appetizer before dinner,

With us $140 million as the principal, it established short positions of more than US $800 million in Thai baht and Indonesian rupiah more than a month before the middle and early July, and achieved quite a lot. By late August, the principal of hedge funds had exceeded US $250 million. Although efforts were made to establish short positions in forward contracts in the won, the scale of position building was much smaller than the short positions in mid and early July. It is certain that the decline of the won in the next two months will far exceed the decline of the Thai baht and the Indonesian rupiah during the first round of financial turmoil.

In view of the rising interest rate cost in the spot exchange market, in addition to continuing to sit firmly in Diaoyutai and hold the won forward contract, Zhang Ke suggested that the excess funds in the account be withdrawn as dividends.

Previously, ye Jia, sun Shangyi and Ge Mingde transferred a huge amount of HK $1 billion into the hedge fund account through various channels. At this time, through reverse operation, they can wash these funds out of the hedge fund account without difficulty.

Because the funds required by Ye Jia, Ge Mingde and Jinhu to inject capital into Yuexiu holdings were temporarily borrowed from sun Shangyi and his wife; This time, the dividends were washed out from the hedge fund account, which just allowed the Ye family and Ge Mingde to settle their debts with sun Shangyi and his wife. Zhang Ke's monetary investment in Hong Kong and his previous capital injection into Yuexiu holdings are capital free transactions. Even if the dividends under his name are returned to sun Shangyi and his wife this time, he still owes sun Shangyi and his wife nearly HK $300 million.

However, even after the dividend is withdrawn from the hedge fund account, the principal and accumulated profit under Zhang Ke's name are nearly $60 million. With the further sharp decline of the won, this account wealth will continue to increase.

Unfortunately, it is not so simple for hedge funds to withdraw funds again and transfer them to Jinhu or Yuexiu accounts.

Zhang Ke doesn't want to risk polluting the accounts of Jinhu and Yuexiu. Even if there is more wealth, it can't be used for a while. He can only temporarily leave it alone in his overseas secret account for a rainy day.

In addition to the HK $1 billion under the name of sun Shangyi and his wife, Zhang Ke will officially allocate HK $1.5 billion from Jinhu to jointly inject secondary capital into Yuexiu holdings to make capital preparations for the start-up of the wafer factory project.

So far, Yuexiu holdings, from an unknown small company, has become the holding company of Aida electronics, the largest disc player manufacturer, the holding company of xiangxuehai electric appliance, the top three white power enterprises in the mainland, and the joint-stock company of the largest home appliance chain enterprise in the mainland. In addition, it also holds a huge amount of cash of HK $2.5 billion.

With two capital injections totaling HK $3.5 billion, great changes have taken place in the shareholders of Yuexiu. Jinhu holds 34% of the shares and once again becomes the largest shareholder of Yuexiu. Xie Wanqing's Haiyu company holds 25%, sun Shangyi and his wife hold 24%, Su Jindong, Ding Huai, Xu Si and others hold from 3% to 5%.

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