Of the HK$15 billion, HK$2.3 billion was purchased in a single transaction, while the remainder was acquired gradually by Soros through his private equity funds.
Therefore, while there were many more buyers in the Hong Kong dollar spot market, it did not attract much attention.
Third-party institutions and investment companies, such as investment banks, pay attention to the activities of Soros's foundation, but for retail investors, their sources of information are slow, and their decisions are often delayed.
Their current large-scale purchase of Hong Kong dollars is aimed at inciting retail investors to follow suit and go long.
Lucy staggered over, wine glass in hand. "Go long, go long! We've been doing this for a month now, when can we start shorting?"
She has no background in finance, and during their meetings, Lucy didn't offer any constructive suggestions whatsoever.
In the eyes of Cyber and Soros's group, Lucy was just a pretty face.
Cyber glanced at Lucy's boss, Memphis, and said with some disdain, "The speculators are setting up a scheme; the game isn't even finished yet. How can they easily lay down bait?"
Memphis noticed everyone's opinion of Lucy and quickly pulled Lucy back to her seat, whispering, "Quiet down."
Memphis was Lucy's direct supervisor, and since her boss had spoken, Lucy had no choice but to keep quiet.
Soros continued, "Short selling is inevitable, it's just not now."
"With Hong Kong about to return to China, if short selling occurs before the handover, we will be blamed for damaging Hong Kong's financial market and smearing the mainland."
“But…” Soros looked at everyone in the conference room and said with a wicked smile, “If shorting the Hong Kong dollar had happened after Hong Kong’s return to China, we could have reversed public opinion and blamed the collapse of Hong Kong’s financial market on the mainland.”
Xiang Feng, who had been listening nearby, finally couldn't help but interject: "We work in the financial markets, and we're actually concerned about the political situation in the mainland and Hong Kong?"
This was his first time dealing with someone like Soros, and he completely didn't understand their thought process.
He has been in finance for over a decade and has never engaged in direct confrontation with the political situation.
Therefore, Xiang Feng became even more puzzled when he heard that Soros wanted to get involved in the political situation in mainland China and Hong Kong.
"Politics and economics are inseparable. If Hong Kong's market is stable, and Hong Kong and the mainland shake hands and make peace, or even show great kinship, how can we have the opportunity to go in and disrupt the market?"
In fact, Soros's philosophy has always been very simple: to disrupt the market and profit from chaos.
As for whether they used economic or political means, that's another matter.
Soros offered no further explanation, and looking at everyone in the conference room, he announced directly:
"Five days! We only have five days, so everyone do your job well."
"Understood." The group nodded in unison.
Xiang Feng left the meeting room under pressure. Delimu, the head of Asia Travel Capital, sent him to represent Asia Travel and cooperate with Soros and his group, which truly broadened his horizons.
So far, Soros's plan to slowly enter the market and then suddenly purchase large amounts of Hong Kong dollars to drive up the currency's value has been implemented smoothly.
Xiang Feng sometimes thinks that if Chen Dong were still in Longteng, Longteng Company would never have allowed Soros and his group to stir up trouble in Hong Kong.
However, Chen Dong's fate is currently unknown, and the future of Longteng is also difficult to predict.
On June 23, the Hong Kong Monetary Authority (HKMA) withdrew some of the scattered foreign exchange reserves, which to some extent controlled the market and prevented chaos.
The Hong Kong dollar price once fell back, dropping to 7.200.
Subsequently, Soros ordered his foundation to buy nearly $2 billion more before the market closed.
The Hong Kong dollar has now surged to 7.230, which is an inflated figure and extremely dangerous.
Soros's two actions threw the Hong Kong Monetary Authority into disarray. If Soros had control of the Hong Kong dollar exchange rate, he was capable of anything.
At this point, the Financial Secretary issued an order to the Hong Kong Monetary Authority to ensure that there were sufficient Hong Kong dollar cash reserves in the Hong Kong spot market.
The Hong Kong Monetary Authority (HKMA) received an order to use all its market stabilization funds to purchase foreign exchange in conjunction with third-party institutions.
As a result, two powerful buyers emerged in the Hong Kong dollar spot market.
One is international speculative capital represented by Soros, and the other is HSBC and Chinese-funded institutions represented by the Hong Kong Monetary Authority.
Because neither side would back down, they made large-scale purchases in the Hong Kong dollar spot market, which drove the Hang Seng Index to a new high.
Soros bought 1 billion, and the Hong Kong Monetary Authority (HKMA) bought 1.5 billion. Then Soros bought 2 billion, and the HKMA gritted its teeth and bought 3 billion.
Having received HK$4.5 billion in a single day, Du Zhixing was somewhat dazed.
"We absolutely cannot let Soros's men buy any more Hong Kong dollars before the market closes!" he ordered directly.
No sooner had he finished speaking than traders in the trading hall began manipulating the market, raising their bid prices by 0.25 points, exceeding the bid prices of the Soros Foundation.
Some sellers finally couldn't hold back and sold their shares directly.
The average price of the Hong Kong dollar has surged by 2,000 points. If Soros closes his position now, he will also make a profit.
However, everyone is now predicting that the Hong Kong dollar will rise to 7.2. There are very few sell orders in the market now, and even if there are sell orders, they are quickly bought up by Soros and the Hong Kong Monetary Authority.
Not long after, HSBC alerted the Monetary Authority of Singapore that it had very little foreign exchange left in its accounts.
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