This head-on confrontation with international investment is clearly dangerous, so many South Korean conglomerates have withdrawn to protect their assets.
By the close of trading, the Seoul Composite Index had fallen sharply, dropping 10.67 points in a single trading day, a decline of 2.5%.
As soon as the financial markets closed, Guan Hong received a phone call from President Kim Yong-sam:
"How do you do things? The Ministry of Finance and the Financial Supervisory Commission of South Korea are in charge of everything, including all banks and financial institutions."
"With such an absolute advantage, how could you not stop the Korean won from falling!"
Guan Hong had no choice but to humble himself and repeatedly apologize to the president: "This time, international speculative capital has targeted our country's currency market. They deliberately attacked at a critical juncture in our financial reforms. Their intentions are despicable."
Upon hearing this, Kim Yong-sam immediately launched into a tirade: "What did you say back then when I advised you to relinquish power to the Reform Committee?"
"It is because of your stubbornness and selfishness that international speculative capital was able to take advantage of the situation."
"Now is a critical time for our country's financial reform, but with such a huge mess in the financial market, how can the reform continue?"
"With an imperfect financial supervision mechanism, South Korean financial institutions cannot be effectively regulated. Under such circumstances, how can they cope with the attacks of international speculative capital?"
South Korea is now in a dilemma, and Kwan Hong is beginning to regret that he should have pushed forward with reforms sooner, even if it meant delegating some power to the oversight committee.
"I..." Faced with the president's questioning, Guan Hong had no choice but to make a solemn pledge: "I will definitely protect the currency market of South Korea before the financial reform is completed."
"If the Korean won exchange rate falls below 1,000 won, I will resign immediately!"
"Remember what you said."
After making those harsh remarks, the other party immediately hung up the phone.
Guan Hong held the telephone, looking lost and dejected.
"Contact the South Korean asset management company," Guan Hong instructed his subordinates. "Have them fully support the restructuring of the financial sector and provide them with financial support when necessary."
"yes."
......
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