"What happened?"

Inside the hall, traders whispered amongst themselves.

They were eager to know what had happened and why the price of the peso had risen so much in such a short period of time.

...

At this point, the attack on the Mexican peso had reached a critical stage. Chen Dong was supposed to go to the United States to personally oversee the operation, but he was worried that the Freemasons would cause him trouble, so he had to let Wangcai act on his behalf.

He himself stayed in Hong Kong, sitting in front of his computer, ready to contact Wangcai at any time.

When Wangcai learned of Chen Dong's entire plan, he thought it was too far-fetched, but he had no choice but to trust Chen Dong.

But he was actually panicking inside.

As the peso hit a new high on the charts, he remained outwardly calm and continued to instruct the bank's foreign exchange traders to sell.

“Sir, the current price is a bit high. Should we hold off?” Although Wangcai had already given the order to trade, his subordinate still had some doubts, so he spoke up to persuade him.

At the current exchange rate, their losses will be quite significant.

“There’s no need for that!” Chen Dong shook his head slightly. “Although the peso isn’t performing well right now, our goal is to complete the exchange. We don’t need to worry about that small difference!”

In the past few days, through continuous exchange, Chen Dong has exchanged more than half of his pesos, recovering a total of US$5 billion in US dollar capital.

However, he estimated that there were still three or four days before the Mexican government would devalue the peso, and he wanted to complete the exchange of pesos and bring back US dollars as soon as possible.

Based on information from his previous life, Chen Dong calculated that, including the operations of the Quantum Fund, Tiger Fund, and others, the Mexican government has now lost tens of billions of dollars in foreign exchange reserves.

The net outflow of tens of billions of dollars in foreign exchange capital has likely caught the attention of Mexican banks.

However, after several interventions by Mexican banks, some of the dollar capital flowed back into the Mexican market, leading foreign exchange authorities to believe that this was a normal phenomenon in foreign exchange transactions.

Upon hearing Chen Dong's words, Wangcai stopped trying to persuade him and instead directed the team to continue selling Mexican pesos.

He now fully understands Chen Dong's plan.

I just wanted to avoid losses during the process.

However, Chen Dong told him, "I estimate that the Mexican government will announce the devaluation of the peso in only three or four days. Our primary goal now is to exchange pesos and bring back US dollars as soon as possible."

Wangcai then realized he had made another mistake, misjudging the objective and forgetting that the most important thing now was to preserve the majority of his capital, rather than seeking petty profits during the exchange process.

In addition, a few days ago, Chen Dong had already conveyed a message to HSBC and Standard Chartered Bank through Li Xiaoman and Zhang Zhong, asking them to pay attention to the recent changes in the value of the Mexican peso.

They also studied the movements of large hedge funds such as Quantum Fund and Tiger Fund, as well as their affiliated banks such as Morgan Stanley, but they did not believe that Chen Dong and Soros would be so arrogant as to attack a country's monetary system. Their support for Chen Dong was relatively small, and the amount of pesos they exchanged was not particularly high.

These banks each have their own logic, but the core point is similar: they believe that capital flowing into the Mexican securities market accounts for 77% of the country's net foreign capital inflows. Therefore, as long as investors remain confident in the market, there will be no large-scale capital flight, and as long as there is no capital flight, the peso will remain strong.

For example, HSBC does this for two reasons.

Firstly, the amount of US dollar capital they can invest in Mexico is limited. Secondly, there is the issue of the cost of holding US dollars. Currently, the one-year interest rate for US dollars is very high, reaching 5%. If they do not lend it out, they will have to pay interest. Cost issues are something that multinational banks like HSBC must also consider.

Chen Dong was extremely indignant about the banks' conservatism, but he also knew that their sheer size prevented them from acting as freely as he did. He just wondered if, in the future, they would regret their decisions.

The foreign exchange attacks launched by Chen Dong and the Quantum Fund, among others, seemed to have little effect, but he had keenly noticed that Mexican banks were intervening more frequently and with increasing intensity.

In just two days, the Mexican bank has injected approximately $1.3 billion of its foreign exchange reserves into the market, working with other commercial banks to stabilize the value of the peso.

Chen Dong thought to himself, "The unusual activity in the foreign exchange market must have been noticed by the Mexican banks! If I exchange all my pesos at once, how will they react? Will they take it all, or will they devalue it in advance?"

"It's going up! It's going up!" Chen Dong, who was lost in thought, was suddenly awakened by the shouts of the foreign exchange traders.

He immediately went to the computer and found that the real-time exchange rate of the peso had indeed changed and was much higher than the previous lowest price.

"Such a large increase must be due to the central bank's intervention." Traders have become accustomed to this kind of thing over the past few days, but this level of intervention is unprecedented. That's why they reacted this way.

Chen Dong carefully analyzed the reasons behind the Mexican bank's major move.

It's unclear whether they're trying to warn disruptors or simply trying to support the market.

Although this was just one of many interventions, Chen Dong became alarmed. It seemed that the Mexican bank was wary of the continuous outflow of dollar capital and planned to attract dollars back to the Mexican market by raising the value of the peso in the short term.

"Is the other side scared?" Chen Dong wondered to himself. Then, without hesitation, he shouted, "Continue selling! We must suppress their market-supporting measures!"

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