On that day, the pesos sold by Chen Dong and his team alone, calculated at today's exchange rate, were worth over 1.1 billion US dollars.

Today, he holds less than $3.4 billion in pesos.

By this time, Chen Dong had over $13 billion. Excluding his own $6 billion, the remaining $7 billion was loans, with daily interest alone amounting to astronomical figures. If the peso exchange rate didn't continue its current downward trend, Chen Dong's losses would exceed $100 million.

This is just a rough estimate and does not yet take into account exchange rate losses.

But Chen Dong had clearly realized that neither the Mexican government nor its banks were simply struggling to stay afloat.

"Boss, what should we do tomorrow?" Wangcai called.

Although the foreign exchange market operates 24/7, Chen Dong's foreign exchange transactions were so large that, apart from a few international commercial banks, only the Bank of Mexico was available. As the central bank of Mexico, the Bank of Mexico was naturally required to comply with national regulations regarding holidays.

That's why Wangcai specifically came to ask.

"Exchange everything for US dollars, and get it all done before the market closes tomorrow. Just avoid Mexican banks; any other bank is fine... Please take care of things these next two days!" Chen Dong said sincerely, and even apologized at the end.

Although Mexican banks are not always trading due to time zone differences and holidays, there are still many commercial banks in many parts of the world that are willing to accept Mexican pesos, which is why 24-hour markets exist.

“Okay!” Wangcai replied.

Chen Dong thought for a moment and then said, "Oh, right, there's one more thing. Use your connections to influence the foreign exchange trading departments of major banks and get them moving."

Wangcai immediately understood his boss's meaning: if commercial banks joined the bank run, the Mexican government would have no choice but to announce a peso devaluation. This would lead to panic, a currency crisis, and ultimately a financial crisis.

This is exactly what Chen Dong is trying to do: challenge a country's foreign exchange system single-handedly and ultimately defeat it, just like Soros did two years ago!

"But boss, I don't know many people in this field. Will that affect your plans?"

"Don't worry, we just need to get started, and others will follow. Do you think Soros and his ilk are just sitting around doing nothing? We'll just give them a heads-up and make them think that this is the market's true reaction to Mexican finance."

"They will naturally rush in and become the main force, while we small fry will follow behind and just get some scraps!"

Wangcai was speechless for a moment. If Chen Dong was considered a small fry, then what was he?

But Chen Dong was right about one thing: it's safer to stay behind the scenes.

This was Chen Dong's real goal. He never intended to challenge a country's monetary system on his own and completely destroy it. He just wanted Soros and others to charge into battle while he stayed behind and reaped the benefits.

Of course, most people can't actually get a bargain like this.

Wangcai feigned sudden realization and let out a long "Oh!" "Boss is brilliant! Brilliant, absolutely brilliant!"

Chen Dong's face darkened. "Are you treating me like a member of the 'Yellow Army'? You need to study Chinese history and culture properly!"

...

A few days later, the Mexican bank and the Ministry of Finance held an emergency consultation to discuss the issue of peso devaluation.

Regarding the issue of whether to devalue the currency, both sides have basically reached an agreement. The main disagreement at present is on how much devaluation is appropriate.

Central bank experts believe the currency should be devalued by 9%, while Treasury officials and their think tanks argue that a 7% reduction would be better. This magnitude is within their tolerance range, as the returns from dollar capital injections can offset the losses caused by the currency depreciation.

The two sides argued fiercely over the extent of the devaluation.

All morning, the experts from both sides were exchanging views and presenting a large amount of data to refute each other. By noon, they still hadn't reached an agreement.

"We've been arguing for ages, but we still haven't reached an agreement. Silas, don't you think?" Correns said, seeing that time was almost up.

Despite the heated exchange between the experts from both sides, neither of their team leaders, Collins nor Silas, spoke. At this crucial juncture, the role of monetary experts and economists became apparent.

At noon, Correns had to make them pause their argument, eat something, and then talk about other things.

Of course, since he was not a member of the Treasury Department and was unaware of Silas's specific arrangements, he could only ask Silas for his opinion.

However, no one expected that Silas would be so ruthless towards Correns.

He stood up abruptly. "Since there's no result yet, let them continue. I have things to do this afternoon, so I'll take my leave!" With that, he turned and left.

The Ministry of Finance officials next to them also went out, leaving the conference room under the hesitant gazes of everyone.

Correns gave a soft snort, making no move to stop him. The conversation this morning had already greatly displeased him, and he imagined Silas felt the same way. But considering the nation's situation, he could only forcibly suppress his anger.

It's important to understand that as Mexico's central bank, the Bank of Mexico has the authority to operate independently, meaning it controls the country's monetary policy. At least, that's what the law stipulates.

In reality, however, they must coordinate and cooperate closely with the Ministry of Finance to ensure stable economic development, as the latter controls fiscal policy.

This chapter is not finished, please click the next page to continue reading!