Chapter 640: Won Storm
On the 25th, affected by the abandonment of the New Taiwan dollar, the exchange rate in New Taiwan City continued to fall slightly.
Prior to this, in order to defend the exchange rate of the New Taiwan dollar, Taiwan's central bank intervened in the foreign exchange market for two and a half months, investing four billion U.S. dollars successively. Yesterday, it suddenly gave up guarding the foreign exchange market and greatly reduced deposit reserves, which naturally caused panic in the financial markets in the Asia-Pacific region. chain reaction.
At this time, Taiwan’s foreign exchange reserves exceeded 80 billion U.S. dollars, ranking fourth after Japan, mainland China, and Hong Kong. To protect the foreign exchange market, it only consumed less than 5% of its foreign exchange reserves. to $100 million. Novel chapters are updated the fastest
Taiwan's central bank's approach immediately aroused criticism from Taiwan's opposition parties and economists. The ruling and opposition legislators jointly signed a proposal to request the resignation of the central bank's president Xu Yuandong.
Sitting in the car, Guo Songyan saw the newspaper's financial reports on the Asia-Pacific region, and he was inevitably a little bit depressed. Zhang Ke couldn't show a complacent look, and he couldn't tell Guo Songyan that they were gearing up and waiting for South Korea to fail. At that moment, eat another big meal.
On the 25th, the exchange rate of Korean won against the US dollar continued to decline. At the close of Asian markets, it fell 1.8% compared with yesterday’s quotation. "Fiction" novel chapters are updated the fastest
In the Asian market, the trading volume of the Korean won against the US dollar also reached a new high, breaking through 800 million US dollars on the 25th.
For more than a month, the Korean won has fallen by more than 12%, but Zhang Ke clearly knows that this is not the time when the Korean won is at its fattest, and the delivery period of the Korean won forward contracts in their hands is concentrated in the middle and early December. The only thing to do is to put the chips on the Korean economic crisis, and the time will not be later than the end of November...
The Korean Composite Index fell sharply for the second day in a row. Market participants are worried that foreign investment will continue to withdraw from the Korean stock market.
In order to stabilize the current weak stock market, South Korea's Finance and Economics Institute requires many large companies to repurchase company shares.
On the same day, Korea Development Bank filed a petition in court to take over financially troubled Kia Motors and its sister company Asia Motors, which will be the largest corporate takeover in South Korea's history.
South Korea's economy is supported by large enterprises, and the collapse of South Korea's economy began with the collapse of these large companies.
The Nikkei reported today that the Bank of Japan is taking action. Trying to prevent the Asian financial turmoil from spreading to Japan. In the financial turmoil that has blown across Southeast Asia, Japan's exports—Japan's exports to Asia account for 40% of its total export value—have been seriously affected, which may prevent Japan from getting rid of Last exit from recession; Nikkei down nearly 4%.
The Hong Kong dollar was also affected by speculation today. The Hong Kong Monetary Authority decisively released a large number of U.S. dollars into the foreign exchange market to support the Hong Kong dollar and temporarily maintained stability. However, the rise in Hong Kong dollar interest rates has introduced pressure into the stock market. Affected by the surrounding area, the Hang Seng Index fell sharply in early trading; as the delivery period of the quarter-month and current-month Hang Seng Index futures contracts is approaching. With the concentration of closing positions and the entry of Chinese businessmen investors, the Hang Seng Index rebounded after midday to make up for the early decline, becoming the only stock market in the Asia-Pacific region that rose.
Demonstrations demanding that Prime Minister Wali step down continue to spread on the streets of Bangkok and other major cities in Thailand, shaking the Thai Land Affairs Bureau.
There was news that the government in Indonesia would close 16 banks, and there were long queues for withdrawals in front of street banks in Jakarta and Bandung.
Malaysian Prime Minister Mahathir Hathir, 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 had a conscience, he should stop manipulating the stock and currency markets of Southeast Asian countries. Soros, who was invited to attend the conference, also stayed at the same hotel.
After entering the Shangri-La Hotel, in order to dispel the depressed mood of Guo Songyan and his entourage. Zhang Ke asked to arrange a small buffet in the senior suite of the Shangri-La Hotel for entertainment, and it was 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 turmoil as soon as possible. Returning as much funds as possible to cope with the more difficult situation in the future is the most urgent thing Guo Songyan needs to do at this time.
Guo Songyan is naturally looking forward to the realization of Xinguang Paper's equity investment in Yunyuan Pulp as soon as possible. In Zhang Ke's words, "to take advantage of it" is also willing. In the corner of the luxurious living room, Zhang Ke is holding a bottle of bright red wine Glass on the ground, explain some details of the equity investment to Guo Songyan, "Xinguang Paper's equity investment in Yunyuan Paper. Received financial support from the Donghai Provincial Branch of the Export-Import Bank of China..." In this corner, there is Standing with Zhang Ke, Guo Songyan, Sun Shangyi and others, Zhang Ke said, "On the other hand, China is also willing to provide some financing for Yunyuan Group's capital contribution in the fab investment project to ease Yunyuan Group's..."
The connection with Liu Zhicheng here is not close enough. many jobs. They all count on Guo Songyan to promote it himself. In order to motivate Guo Songyan, it is even more important to prevent Guo Songyan from retreating due to the temporary difficulties of Yunyuan Group. Jianye City can be responsible for solving the part of Yunyuan Group's investment in the fab investment project.
With such favorable conditions, the huge market with a population of 1.3 billion will drive the mainland's economy to continue to grow without being affected by the Asian financial turmoil. At this point in the matter, even if the project goes to the mainland, Singapore will not set up additional obstacles to the wafer manufacturing technology. The key still depends on Liu Zhicheng's attitude. Without him leading the technical team, the fab will not be possible. of.
Guo Songyan nodded and said, "Anyway, I still have to go to Taiwan..."
Things will come sooner than everyone expected, and they usually like to come one after another; the violence of the coming is also beyond Zhang Ke's imagination.
25th night. The South Korean media reported that at least a dozen commercial banks were burdened with huge bad debts. Previously, they were able to obtain huge foreign debts in US dollars from the international financial market to cover up operational defects. It is also impossible to tear down the east wall from the international financial market to make up for the west wall. If the government does not rescue it, bankruptcy is imminent.
South Korea's Sunsan Enterprises filed a bankruptcy application to the court that night. So far, five of the 30 largest companies in South Korea have gone bankrupt or applied to the court for bankruptcy protection.
Stimulated by these two pieces of news, on the morning of the 26th. The Korea Composite Index suffered another setback, falling 5.91%, and the Korean won fell 3.4% compared to yesterday. This is the biggest drop in the Korean won in the past ten years, and it seems that most financial experts do not think that this will be the biggest drop in South Korea this year.
Once it falls below the 1100 mark against the US dollar, it will slide towards 1350 points.
The black cloud wrapped in the thunderbolt of the financial turmoil enveloped the sky over South Korea so quickly.
On the 26th, the stock markets of Taiwan, the Philippines, Malaysia, and Singapore all fell across the board.
However, the Hang Seng Index continued yesterday's late rally and unexpectedly rose 2% throughout the day.
On the one hand, it is affected by the centralized liquidation and buying operations of the Hang Seng Index futures contract, on the other hand. The Hong Kong stock market took the initiative to ebb in the early stage, causing some investors to transfer funds to Hong Kong. Economic analysts call this the "safe haven effect."
On the 27th, as Yamaichi Securities, one of Japan'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 South Korea publicly stated that it will sign a rescue package agreement with the International Monetary Fund as soon as possible, which will help the South Korean Composite Index escape the bad influence of the Nikkei Index in the morning and maintain stability slightly. However, the outside world reports that the South Korean economy will continue to deteriorate They came out one after another.
On the afternoon of the 27th, the report issued by the International Monetary Fund pointed out that the total bad debts of the two commercial banks in South Korea exceeded US$10 billion, and the rescue application of US$20 billion requested by the South Korean government was far from enough to help South Korea tide over the difficulties.
Affected by this news, the Korea Composite Index fell sharply in midday trading, and the exchange rate of the Korean won against the US dollar also fell by 2.4% compared with yesterday.
In the evening, the International Monetary Fund mercilessly released an economic analysis report pointing out that South Korea had until the end of December. Available foreign exchange reserves are less than 10 billion U.S. dollars, but South Korea's total short-term foreign debt has reached 900 U.S. dollars.
Affected by the financial turmoil, it has been extremely difficult for South Korean commercial banks to borrow US dollars in the international financial market recently. There is also news from the financial circles in Hong Kong. Many commercial banks in South Korea have turned to Hong Kong banks for help. The one-month lending rate has reached a horrifying 8%. ; Considering the risk, Hong Kong banks have rejected it. The bad news that broke out one after another made Ye Jianbin scream with excitement. These bad news were just bad news that caused the Korean economy to gradually collapse. Ye Jianbin heard it like a strange sound. He also knew that this was just an appetizer before the main meal,
With US$140 million as the principal, I established a short position of more than US$800 million in Thai baht and Indonesian rupiah for more than a month before the middle and early July, and made a lot of money. By late August, the hedge fund had more than $250 million in stake. Although it is fully committed to establishing a short position in the forward contract on the Korean won. But the scale of building positions is much smaller than the short positions in mid-to-early July, that's for sure. The decline of the Korean won in the next two months will be far greater than that of the Thai baht and the Indonesian rupiah when they experienced the first round of financial turmoil.
In view of the rising interest rate cost in the spot foreign exchange market, in addition to continuing to sit on the Diaoyutai and hold the Korean won forward contract in his hand, Zhang Ke suggested that the excess funds in the account should be withdrawn as dividends.
Previously, Ye Jia, Sun Shangyi, and Ge Mingde transferred a huge sum of one billion Hong Kong dollars into the hedge fund account through various channels. Now, through the reverse operation, these funds can be transferred from the hedge fund account without any difficulty. wash out.
Because the Ye family, Ge Mingde, and Kumho used to inject funds into Yuexiu Holdings before, they were temporarily borrowed from Sun Shangyi and his wife; debts between. However, Zhang Ke's monetary investment in Hong Kong and the previous capital injection into Yuexiu Holdings were all worthless transactions. Even if all the dividends in his name were returned to Sun Shangyi and his wife this time, he still owed Sun Shangyi and his wife nearly 300 million Hong Kong dollars in debt.
However, even after the dividends are withdrawn from the hedge fund account, the principal and accumulated profits attributed to Zhang Ke are still nearly 60 million U.S. dollars. As the Korean won plummets further, this wealth will continue to increase .
It is a pity that it is not that simple to withdraw funds from hedge funds and transfer them to Kumho or Yuexiu's accounts.
Zhang Ting didn't want to take the risk of polluting the accounts of Kumho and Yuexiu. No matter how much wealth there was, it would not be useful for a while, so he could only temporarily let him hang in a secret overseas account for emergencies.
In addition to the one billion Hong Kong dollars in the name of Sun Shangyi and his wife, Zhang Ting will officially allocate 1.5 billion Hong Kong dollars from Kumho to jointly make a second capital injection into Yuexiu Holdings to prepare for the start of the fab project.
So far, Yuexiu Holdings has grown from a small unknown company to the holding company of Aida Electronics, the largest disc player manufacturer, the holding company of Xiangxuehai Electric Appliances, one of the top three domestic white goods companies, and the joint stock company of the largest home appliance chain enterprise in the Mainland. , in addition to holding a huge amount of cash of 2.5 billion Hong Kong dollars.
With two capital injections totaling HK$3.5 billion, the shareholders of Yuexiu Holdings have also undergone great changes. Kumho holds 34% of the shares and has once again become the largest shareholder of Yuexiu. Xie Wanqing’s Haiyu Company holds 25% of the shares. %, Sun Shangyi and his wife held 24% of the shares, and Su Jindong, Dong, Xu Si and others held shares ranging from 3% to 5% with the Ye family.