On the 12th, Chen Dong used his media resources to order Chen Jianlin to exaggerate the economic downturn during the financial channel broadcast, hoping to attract international speculators to this turbulent financial market.
For international speculators, the more turbulent and unstable the market, the more money they can make.
Since Tiger Fund was behind all of Chen Dong's actions, the act of creating information asymmetry quickly received a response from Tiger Fund.
Soon, international speculative capital focused its attention on the island nation's financial market.
At this time, almost all international news was related to the island nation. With no international pressure on H country's finances, Guan Hong felt much more at ease.
The Korean won surged ahead amid a generally positive trend, with the composite index once breaking through 550. The exchange rate of the Korean won against the US dollar has almost recovered to the level before the crisis, and the exchange rate fluctuations have been stable, with almost no impact from the Nikkei index.
Annie was somewhat confused by Chen Dong's actions. "You've drawn the attention of international speculators to the island nation's financial market. Isn't this indirectly giving H country's economy a chance to breathe?"
According to the theory Chen Dong had taught her, currency sniping should not give the opponent a chance to breathe; otherwise, the second sniping attempt is likely to be a thankless task.
The Hang Seng Market is one example.
"The H country market is different. The H country market has just experienced the chaos of reform, and the internal environment is already unstable. No matter how they adjust now, it is just a gilded exterior with rotten inside."
Chen Dong explained, "So, no matter how much breathing room I give them, the overall index will still have to drop."
Now that things have come to this point, Chen Dong still hasn't given the order to attack. Lin Zhiyuan is getting anxious. "Since you've given them time to breathe, isn't it time to attack now?"
Chen Dong shook his head again, "Tiger Fund, which is following behind us, is not ready to go all out yet."
"Other international speculative funds have not yet gathered, so now is not the time to attack."
They had no real contact with Tiger Fund or international speculative capital; they had only been observing each other's operations within the broader H-country stock market.
When the actual attack comes, Chen Dong must remain still, allowing those behind him to wait anxiously and make full preparations.
Next, with a single command, he could simultaneously mobilize a vast army to target the H country market.
Chen Dong reminded Lin Zhiyuan once again: "Timing, location, and people are all very important. You must not rush into shorting currencies, otherwise you will fall into the other party's trap."
Another day later, the H country's stock market had risen to 567 points, and the exchange rate against the US dollar had reached the psychological threshold of 970.
This is undoubtedly encouraging news for the entire sluggish Korean won market.
At this time, large enterprises in the island nation went bankrupt one after another, and a massive wave of unemployment quickly swept through this once-developed market.
International news reports almost daily on suicides that occur in island nations due to unemployment.
"This is the tragedy that comes from having no appeal to the market," Guan Hong sighed regretfully, looking at the declining stock market in Japan.
At this moment, Kim Hee-cheol casually said, "Now that our financial market has returned to normal, shouldn't we proceed with the bank system reform according to the Oversight Service's plan?"
Guan Hong thought about it carefully and finally nodded solemnly, "The Ministry of Finance has no problems. Let the Oversight Council announce it as soon as possible and start the operation."
Subsequently, the Oversight Service quickly received news that the plan had been approved.
"It seems the Ministry of Finance has no way to stop us."
The head of the oversight committee immediately announced loudly to all committee members who had been preparing for a year: "Starting today! The reform of financial institutions is officially launched!"
"All actions are proceeding according to plan."
Immediately, the entire supervisory committee and reform committee were filled with indignation, and everyone was eager to vent the anger they had suffered at the Ministry of Finance over the past year on their work.
"I hereby announce that the reform of the banking system has been officially put on the agenda!" President Kim Yong-sam of Country H delivered a speech on television.
While Kim Yong-sam was giving his speech, reforms of financial institutions were also being carried out on a large scale.
Chen Dong saw the news from Country H, his face grim. "Take action."
Upon hearing those two short words, Zhou Huimin, Annie, Lin Zhiyuan, Ma Guoliang, and Wangcai were overjoyed.
Immediately afterwards, a large number of sell orders appeared in the Korean won spot market.
At this critical juncture in the banking system's financial reform, banks such as Seoul Bank and Jinzhou Bank suspended services to their customers.
The bank's responsibilities have been temporarily transferred to an asset management company in Country H.
The sudden attack by international speculators caught everyone off guard.
Guan Hong had been holding onto the H country stock market for several days, his eyes gleaming with dark circles. Seeing the market gradually decline, he even felt a flicker of hope.
"It's finally here."
On the morning of the 14th, a large sell order of 30,000 lots appeared in the Korean won market. Immediately afterwards, international speculators who were still holding onto short positions in the island nation quickly turned their guns on the Korean won market.
"The market has no foreign exchange support left." Guan Hong gritted his teeth and said to Jin Xizhe, "Order the H Country Asset Management Company to enter the market immediately and do everything in its power to protect the market!"
"We must not allow the behavior of international speculators who follow the trend and accumulate shares to affect the progress of reforms."
Although Guan Hong did not want domestic financial supervisory agencies to isolate the Ministry of Finance, he knew in his heart that H country's financial structure was out of balance and had reached a point where reform was imperative.
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