At the close of trading on the 14th, the large sell orders in the market were quickly absorbed by the Financial Authority because international speculators suddenly withdrew in the afternoon.
The KOSPI index closed at 523 points, with an exchange rate of approximately 979 Korean won to one US dollar.
Tiger Fund is certainly not satisfied with this result.
Robert walked out of the trading floor, holding the market data. "What's going on with this vanguard? They suddenly stopped in the afternoon."
Robertson pondered for a long time before finally letting out a cold snort, "They're giving all the international speculators who are still watching a whistle a final warning."
"Let's prepare our resources as soon as possible and catch up with the main group."
Upon hearing this, the assistant beside him was somewhat incredulous. "Is this really the message they want to convey?"
Robertson took a deep breath and asked his assistant, "Did you find any clues about this mysterious speculative capital I asked you to investigate?"
The assistant shook his head regretfully, "They're using a Hong Kong securities company? I can only use my limited resources to find out that this company, which is registered to absorb shares, is from China."
"What's interesting is that when the market was being attacked, it was clear that Hong Kong's financial tycoons were also involved."
The four major families in Hong Kong possess substantial assets, and each has its own preferred securities firm, all operating under official names. Therefore, international speculators readily recognize the involvement of these four families in the attack on the Korean won.
The assistant added a clue that Robertson hadn't expected: "The four major families didn't enter the market at the beginning. They started accumulating shares shortly after the mysterious investor from China entered the market."
"As far as I know, the person who gathered the power of the four major families this time is Kwok Ping-cheung of the Kwok family."
Robertson grasped the key point: "However, this Guo Bingxiang is also one of the four major families."
"The Guo family has a privately established securities company, so they don't need to use the shell of a securities company to hide their identities."
Even though they could guess that someone with the ability and charisma to gather the four major families must be extraordinary, they still lacked accurate information to deduce who was behind it all.
Robertson lowered his voice and instructed Robert, "Whoever this person is, they have already given us a signal."
The Financial Supervisory Commission has stated that, in accordance with the Basel Accords, if these financial institutions and commercial banks do not meet the required asset adequacy ratios, they will face scrutiny.
They were fortunate enough not to be on the shortlist in the previous round of screening, but who can guarantee that the Financial Supervisory Commission won't turn around and bite them after protecting the market?
Driven by these ulterior motives, none of the institutions went all out to protect the market.
The South Korean stock market was merely the main battleground. Outside of South Korea, stock markets in Hong Kong, island nations, Southeast Asia, and other countries during Asian trading hours were almost all facing a massive sell-off of the Korean won.
With the Korean won depreciating so drastically, even investors who previously had high hopes for it dared not continue holding their shares and could only follow the trend and sell.
In the afternoon, the H country stock market closed, with the KOSPI index closing at 498 points, and the Korean won falling to 1:1012 against the US dollar.
This also means that Guan Hong's attempt to prop up the market failed.
The next day.
As agreed, Guan Hong submitted his resignation letter to No. 1.
Jin Yongsan was very disappointed, but he still composed himself and said to Guan Hong, "At present, international speculators are eyeing us covetously, and financial reform has not yet been completed. You stay here and finish handing over the remaining work."
"clear."
These words, seemingly meant to comfort Guan Hong, actually eliminated any possibility of him staying.
Before this, Guan Hong still held onto a sliver of hope, thinking that perhaps the president would order him to leave the Ministry of Finance and assign him to another position.
But now, Kim Yong-sam is directly telling him to prepare to hand over his work, which means that the H country's financial center no longer welcomes him.
The next day, news of the resignation of the Minister of Finance of Country H reached Chen Dong's ears.
Chen Dong was overjoyed. "At this critical juncture, H country is still pulling this stunt. Isn't this just handing a knife to international speculative capital?"
Lin Zhiyuan also scoffed, "The people in the Financial Supervisory Committee must hate him to death. They were suppressed by Guan Hong in every way before, and they finally managed to polish up a reform plan to establish an independent supervisory institute, but the Ministry of Finance still sent someone to supervise them."
"The reason why the Supervisory Council has only been established for a year and is still just a prototype is because Guan Hong has been putting pressure on it from behind. Now that they see that Guan Hong has actually suffered a setback, they are extremely happy."
Subsequently, Chen Dong intensified his lobbying efforts with the four major families to increase the scale of the Korean won sell-off.
On the third day after the aid funds arrived, the South Korean won had fallen to 1:1139, a new low for the year, with a cumulative drop of 14.7%.
Kim Hee-cheol, one of the three financial leaders, promoted him and made him the interim Minister of Finance.
This interim minister, upon taking office, made three bold moves, the first of which was targeting the International Monetary Fund.
Under the leadership of Kim Hee-cheol, the Ministry of Finance of Country H began seeking off-site assistance.
However, things are different now. The Korean won has fallen, assets have shrunk, domestic financial institutions are either merging or being dismantled, and foreign speculative funds no longer have any interest in this prime location.
Kim Hee-cheol personally called Washington, but Washington's attitude was ambiguous, and they rejected Kim Hee-cheol's request several times.
However, after being rejected by Washington, the International Monetary Fund took the initiative to call the Ministry of Finance, where the interim Minister of Finance, Kim Hee-chol, warmly received them.
This chapter is not finished, please click the next page to continue reading!
Continue read on readnovelmtl.com
