If the bottom line of large hedge fund bosses like Soros and Robertson is the gate to hell, then the bottom line of these investment banks can only touch the floor of the eighteenth level of hell at best, and many of them simply have no bottom line at all!
These large investment banks are the spokesmen for major financial groups. These investment banks are behind the wars that the United States has provoked around the world in recent years. Even many major decisions made by the US government are promoted by these investment banks.
It can be said that for the sake of the naked profits, these large investment banks really have no bottom line. To say that they sell their souls to Satan is to flatter them, in fact, Satan is their spokesperson!
In fact, half of the so-called international hot money comes from these investment banks, but outsiders simply cannot find any evidence.
The Asian financial crisis that affected half of the world was apparently led by Soros's Quantum Fund, but the real driving force behind it all came from these large investment banks. Otherwise, do you think that Quantum Fund can accomplish anything with just the $600 million or $700 million in funds?
With the amount of funds in Quantum Fund, he can't even deal with the Thai government!
The financial crisis that has swept half the globe has involved transactions involving a sum of money that has already exceeded one trillion U.S. dollars. Even with the limited amount of money that Quantum Fund has, it wouldn't even make a splash.
Blocking the Hong Kong dollar can be said to be the last feast of this financial crisis. After all, Hong Kong's foreign exchange reserves are ranked third in the world, second only to Japan and China. The foreign exchange reserves of up to 82 billion US dollars are a piece of extremely delicious fat meat in the eyes of these big investment banks, and everyone wants to swallow it in one bite.
In the past, these big investment banks have tasted the sweetness in countries such as Thailand, Malaysia, Indonesia, Singapore, and South Korea. Fortunately, Taiwan saw the opportunity quickly and announced the devaluation of the New Taiwan dollar without any resistance. Otherwise, Taiwan’s 80 billion US dollars of foreign exchange reserves would have been swallowed up by these big investment banks.
Therefore, after swallowing up hundreds of billions of US dollars in foreign exchange reserves from Southeast Asian countries, these big investment banks have set their sights on Hong Kong Island.
They want to replicate their previous feat of plundering the foreign exchange reserves of Southeast Asian countries and swallow up Hong Kong's foreign exchange reserves in one gulp.
Although Hong Kong's foreign exchange reserves of up to 82 billion US dollars are the wealth accumulated by the people of Hong Kong Island through decades of hard work, the big investment banks don't care so much. In their eyes, these assets accumulated by millions of people in Hong Kong Island through decades of hard work are prepared for them.
But they really didn't expect that the Chinese government, which had just regained ownership of Hong Kong Island, would be so determined and would really maintain the prosperity of Hong Kong Island at all costs. They also didn't expect that just before the final decisive battle on August 28, 1998, the Chinese government would still directly take out a huge amount of funds of 60 billion Hong Kong dollars after announcing that the national currency would not depreciate, and resolutely maintain the status of the Hong Kong dollar!
August 28th is the settlement day for Hong Kong Island Hang Seng Index futures in August. In the more than a year before this day, in order to completely defeat the Hong Kong dollar, major investment banks followed Soros and made countless preparations, just waiting for this day to come to completely defeat the Hong Kong stock market and then the Hong Kong dollar.
They all knew what Premier Zhu had said before, but these big investment banks did not believe that the Chinese and Hong Kong governments would interfere in the financial markets. The various preparations made before also made these big investment banks feel ready to take action.
Then, a huge amount of funds gathered in Hong Kong Island on this day. The trading volume of the Hong Kong Island stock market broke the historical record on this day alone, with a daily trading volume of up to HK$79 billion!
As for the funds in the foreign exchange market and stock index futures market, the amount is even more huge.
However, these big investment banks would never have imagined that the Hong Kong Island government and the Chinese government were so determined. In addition, the huge amount of long funds that suddenly entered the market at the critical moment became the last straw that broke the camel's back.
The fierceness of the battle in the Hong Kong Island's financial market that day was unprecedented. But if we put aside the fierce battle on that day, the closing point of the Hang Seng Index on August 28 was 7,829 points, which was really a very dull number. It even fell 93 points from the previous day. However, the significance of this number to the Hong Kong Island's financial market is immeasurable.
It allowed the Hong Kong stock market to gain a firm foothold, and international speculators not only lost their profit margins, but also inevitably suffered huge losses as their contracts had expired.
11.2 billion US dollars!
This is the final profit figure of the Hong Kong Island government, and it also represents that the Hong Kong Island government finally won the victory in the battle to defend Hong Kong Island!
Similarly, this figure also means that major investment banks lost US$11.2 billion in the Hong Kong dollar blocking war that they had carefully prepared for more than a year!
Although one must be prepared to lose money when speculating, if there had not been the sudden entry of that long capital, even if the Hong Kong government could win, it would have been a miserable victory.
Who is the owner of that long fund?
This is the number one problem facing senior executives at major investment banks.
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