Countercurrent 1982

In July, Duan Yun gave an order to the financial team in Thailand to start throwing out all the Thai baht in their hands.

The most significant vicious event in 1997 was the financial turmoil that swept across Asian countries. Before the outbreak of this financial crisis, there was a common phenomenon that there were bubbles in the financial market, and bubbles created by capital. Under certain circumstances, the inevitable rupture will trigger a financial crisis.

Before 1997, the Asian economy was thriving. As the center of the Asian financial crisis in 1997, Thailand was also a country with a good economy that was expected to catch up with the four Asian tigers.

But before Thailand became an economic powerhouse, it was attacked by Wall Street capitalists Soros and others. They used the huge capital flow in their hands to burst the bubble of Thailand's economy.

In the early years, Thailand implemented a fixed exchange rate system, that is, the Thai baht was bound to the U.S. dollar. The Thai baht could be exchanged for the U.S. dollar in a stable and unlimited manner. Ross and other capital tycoons have an opportunity to short the Thai baht.

From February 1997, Soros and others began to borrow a lot of money in the international market, and then used leverage to buy Thai baht.

Thailand is a small country, and the central bank’s foreign exchange reserves are limited, so it is said that when people are sure that the central bank’s foreign exchange reserves are not enough to maintain the Thai baht exchange rate, they intervene in Thai baht from the Bank of Thailand in large quantities, and then convert the Thai baht into US dollars to let the foreign exchange reserves of the Bank of Thailand Sold out, forcing attitudes to depreciate.

It is not difficult to understand from the perspective of financial principles. The mistake made by the Thai government is to bind the Thai baht to the US dollar to make it a freely convertible currency. When the US dollar reserves of the Bank of Thailand are insufficient, the Thai baht lacks credit. Relying on the above, when the Bank of Thailand cannot exchange more dollars, the depreciation of the Thai baht has become inevitable.

Once the Thai baht depreciates, Soros and others can exchange the U.S. dollar for more Thai baht and return the Thai baht to the Bank of Thailand, so that they can use the exchange rate to earn huge wealth.

With foresight, Duan Yun could predict the occurrence of this financial crisis in advance. Naturally, he would not give up this opportunity to rapidly increase his foreign exchange wealth. Therefore, in March, he handed over all the company's 3 billion US dollars of foreign exchange reserves to Zhong Pengrong, a top domestic financial expert, came to trade, and Zhong Pengrong immediately brought his own team of experts to follow Duan Yun's instructions and began to deploy in Southeast Asian countries.

Through the investigation of the Thai financial market, Zhong Pengrong keenly discovered some changes in the market. Just as Duan Yun told him before, the seemingly calm Thai financial market has actually been undercurrents, and some big capitals have begun to install operations. In the market, through some slight changes in the stock market, Zhong Pengrong confirmed that Duan Yun's plan was indeed feasible, which made him very admired.

Under Duan Yun's instruction, Zhong Pengrong and his team used the funds in their hands to purchase 4 million U.S. dollars successively in the next few months, and then at the end of June, they used the remaining 6 million U.S. dollars as Leverage, bought 6 billion US dollars worth of Thai baht in one go, and acquired a total of 24 billion US dollars of Thai baht back and forth.

During this period, the exchange rate of the Thai baht against the U.S. dollar has been slowly declining, and even fluctuated violently for a period of time, but overall, it is relatively stable. The reason is also very simple, that is, the Thai government has been actively intervening In the exchange rate market, US$50 billion in foreign exchange reserves and US$200 billion in loans have been used successively. Such a scale of funds can stabilize the exchange rate market within a certain period of time.

However, Thailand is a small country after all. In the face of the power of Wall Street capital, it is not strong enough, and its behavior is quite passive. Moreover, after the intervention in the past few months, the foreign exchange reserves of the Bank of Thailand have begun to be stretched. Intervention in the exchange rate market Ability is getting weaker and weaker.

But if there is no foresight, Duan Yun would never dare to take such a big risk, because he has been using leverage to buy a large amount of Thai baht. If there is a certain degree of fluctuation in the exchange rate market, then Duan Yun may face instant loss Even Zhong Pengrong, who is in charge of the trader, has been unable to sleep at night these days. Although the money is not his, if he encounters Waterloo in Southeast Asia this time , It will also have a very serious impact on his future reputation, so both he and Duan Yun are under great pressure.

But fortunately, the gears of history are still running smoothly. On July 7, when foreign exchange reserves and borrowings were on the verge of bottoming out, the Thai government was forced to announce that the exchange rate would float freely. Within a day, the Thai baht plummeted 2%, and in the next two days, through a series of trading and buying and selling, my return was quite amazing.

"We made a total of 4 million dollars today!" On July 7, when Duan Yun was about to leave his office and go home by car, his cell phone rang suddenly. The tone said to Duan Yun: "It's really a big deal, it's so fun!"

In fact, during this period of time, Zhong Pengrong's life has been relatively tense and depressing. Although the funds for the trading are not his own, the success or failure of this trading is related to the reputation he has finally accumulated over the years and his reputation in the industry. If he really loses, he will not only lose some trust from his employer, but such a large amount of money will probably make him a negative example of domestic financial manipulation for a long time, which is tantamount to a complete failure His job, and it will be very difficult for him to stand up in the future.

So until the Thai government announced the free float of the exchange rate, his heart was always in suspense. After all, the pressure brought by high leverage is beyond the comprehension of ordinary people, so that he almost suffered from insomnia for half a month.

But today he will definitely continue to suffer from insomnia, not because of nervousness, but because of being too excited.

"You did a very good job!" Duan Yun was also very excited when he heard the words, only to hear him continue: "Mr. Zhong is really powerful, with a net profit of 4 million US dollars a day, and you will definitely be included in our country's financial teaching books in the future. , I think it is very difficult for someone to break your record."

"I'm just doing things step by step. The key is that Mr. Duan's vision is too accurate. I heard some friends in God say that Mr. Duan is always a god. You are a real god, and I will ask Mr. Duan more for advice in the future, you are truly a rare genius." Zhong Pengrong said with a bit of admiration in his tone.