The public opinion outside is too strong right now, and Yang Fugui is really worried about Du Xingzhi operating alone.
After all, while the statements made by the financial channel hosts may be somewhat extreme, they are all true.
Despite the mainland providing 10 billion yuan in stabilization funds and the support of the four major families, they still failed to protect the Hong Kong stock market.
After HSBC urgently allocated funds to support the market, the Hang Seng Index saw a brief rebound.
The index fluctuated around the point.
Due to public pressure, the Financial Secretary had to borrow foreign exchange from commercial and investment banks across the country to maintain stock market stability.
As a result, a large number of strong market-supporting major players re-entered the market.
Under immense pressure, Du Xingzhi disregarded cost considerations and ordered his traders to pour money into the market.
The Hang Seng Index has been climbing steadily from its current level.
However, what's puzzling is that the index started to stagnate after climbing to a certain point.
Although the Hang Seng Index subsequently showed an upward trend, the rate of increase was far too slow.
By the time the stock market closed that day, the Hang Seng Index had reached [a certain level].
This data is the same as the data before Soros attacked the Hong Kong stock market.
However, this figure is still far too outrageous compared to the previously healthy Hong Kong stock market.
"How much?" Du Xingzhi was completely exhausted after a day of fighting.
"President..." the analyst said, his heart pounding. "Today, the stock market's trading volume reached $50 billion, of which we spent $7.8 billion on market stabilization."
"This includes purchases of Hong Kong dollars and funds for purchasing other futures weighted stocks."
Upon hearing this, Du Xingzhi took a deep breath.
$7.8 billion was dumped in one day.
Finally, the index was protected at a psychologically important level.
The stock market opened normally the next day.
The Hang Seng Index is fluctuating around its current level. After this major battle, both the bulls and bears are exhausted.
However, Du Xingzhi still dared not relax and ordered all his analysts and researchers to keep a close eye on the market trend.
Surprisingly, the market was calm today.
The Hang Seng Index seems unaffected and is slowly recovering.
"It seems the international speculators have finally left satisfied this time," the analyst sighed.
Upon hearing this, Hong Kong Monetary Authority Chief Executive Du Xingzhi retorted, "International speculators have launched several feints and surrenders; they won't leave so easily."
"Even if the international speculators withdraw, is the Hong Kong stock market safe? Everyone, be on your guard!"
As Du Xingzhi predicted, even though international speculators have not made any moves for the time being, Hong Kong has already been thrown into chaos.
The Financial Secretary made several public appeals to retain him through television, newspapers, and other media outlets.
"The turmoil in the Hong Kong stock market is due to the activities of international speculative capital in trading Hong Kong dollars."
"But please rest assured that, thanks to the efforts of our Financial Secretary, the Hong Kong Monetary Authority, Chinese-owned enterprises, and the four major families in Hong Kong, the actions of speculators to suppress the Hong Kong dollar have been suppressed."
"Please rest assured!"
"The Hong Kong Monetary Authority and the Financial Secretary will continue to uphold their determination to safeguard the Hong Kong stock market and fight to the end against the actions of these international speculative funds that wantonly suppress the currency of a certain region."
"At the same time, we would also like to advise all speculative capital that is eyeing Hong Kong's financial market: we do not provoke trouble, but we are not afraid of trouble either!"
"If the Soros Group continues to suppress the Hong Kong dollar, we will let them know the Financial Secretary and the Hong Kong Monetary Authority's determination to maintain the stability of Hong Kong's financial market."
"We have never supported any illegal suppression of currency."
For two consecutive days, international speculators have still not reacted.
Hong Kong's official institutions and economists have also spoken out, expressing their stance and attitude.
Lin Zhiyuan relayed the latest news from Hong Kong to Chen Dong.
After hearing this, Chen Dong said with satisfaction, "Pressing the Hang Seng Index below 100 points is already a very impressive feat."
"I think international speculators have taken this attack on the Hong Kong dollar to the extreme."
Lin Zhiyuan asked curiously, "You mean, they're going to withdraw from the stock market from now on?"
“They won’t withdraw from the stock market.” Chen Dong smiled. “At least from now on, they will systematically buy back shares to cover their previous short positions.”
Zhou Huimin quickly asked, "International speculators want to buy back stocks, which means that the futures market has turned from a buyer's market to a seller's market."
"In other words, as long as the Hong Kong Monetary Authority and the major bullish investors in Hong Kong insist on not selling their holdings, they will have no way to liquidate their positions at a low price."
Watching this amusing scene, Chen Dong couldn't help but laugh and say, "Their purpose is too obvious. The Hong Kong Monetary Authority will definitely not let them leave so easily."
Previously, the Hong Kong Monetary Authority (HKMA) faced enormous financial and fiscal pressure in order to support the market.
Moreover, it was besieged on all sides, being insulted by Hong Kong retail investors for failing to protect the Hong Kong stock market, and criticized by Hong Kong financial channels for making the promise of currency security an empty promise.
Du Xingzhi was a man who always sought revenge.
Hearing this, Lin Zhiyuan found it even more amusing, "Who told them to be so arrogant and domineering before?"
"By the way, how many short contracts do we have right now?" Chen Dong asked.
"We acquired 9,000 futures contracts from Asian investment banks, and we also bought a lot from various securities firms and investment banks in Hong Kong."
Lin Zhiyuan added, "At least one, right?"
"very good."
On the third day of calm, the Hang Seng Index in Hong Kong continued to rise and reached a certain point.
International speculators are constantly buying back shares to cover their short positions, and are willing to pay high prices for this.
However, the Hong Kong money market has now become dominated by bulls, and Hong Kong retail investors and investment institutions are not willing to trade their Hong Kong stocks easily.
The Hong Kong Monetary Authority (HKMA) had previously been suppressed by the Soros Group and international speculative capital, and was eager to get revenge.
International speculators urgently needed to cover their short positions in Hong Kong dollars, so the Hong Kong Monetary Authority (HKMA) initially symbolically released a few stock contracts.
Unexpectedly, it sold out immediately.
Seeing this, Du Xingzhi was even happier.
"It seems that this time, they really are going to withdraw from the foreign exchange market, otherwise they wouldn't be in such a hurry to cover their short positions," the analyst said.
An analyst added, "After all, interbank lending rates have already risen sharply, and every extra day of delay means an extra day of cost."
Previously, international speculators dumped HK$80 billion worth of shares to cause stock market turmoil, and all of this HK$80 billion ended up back in the hands of the Hong Kong Monetary Authority and the four major families.
In addition, all the bulls, including investment institutions, investment banks, and retail investors in Hong Kong, etc., have a considerable amount of Hong Kong dollars in their hands.
......
Continue read on readnovelmtl.com
