However, Ellie couldn't care less about that now, and he quickly walked towards the bank manager.
He covered his mouth with one hand and whispered something in Correns' ear.
Seeing Ellie like this, everyone's eyes were focused on Correns, trying to glean something from his face.
However, somewhat disappointingly, Correns did not show any expression at all regarding Ellie's report.
"You lot, come with me!"
After Ellie finished his report, Correns gave a wink to several key advisors at the Mexican bank, then stood up and addressed the group.
"I have something to attend to and must leave now. Please forgive me. We'll continue our discussion this afternoon."
After saying that, he turned and left.
When everyone saw his condition, they knew something serious must have happened, but their status wasn't high enough to find out.
As a result, the experts present were all intrigued, and even a sumptuous lunch became tasteless.
Some astute individuals, based on the experts mentioned by Collins, vaguely guessed that the problem lay in the foreign exchange market.
...
"In just one morning, we've exchanged 2 billion!" In a small conference room, Correns looked at the bewildered crowd and asked.
"So many?" An elderly scholar frowned.
The scholar's name is Billy Jones.
He is a professor at the State University of Mexico and also works for the Bank of Mexico.
"How about we borrow some money from the US to solve this problem temporarily, and then we can consider the exchange rate issue later?"
Even employees at Mexican banks held differing opinions on the peso's devaluation.
Billy was one of them.
However, their differences were not made public, nor could they be made public.
"No way!" Correns rejected Billy's suggestion without hesitation.
Currens was well aware that the new president and cabinet were trying to get rid of American influence.
"However, judging from the speed of dollar outflow, this is a big problem. Even with a 10% devaluation, nothing can be guaranteed, and it may even cause more dollars to flow out." Although his suggestion was rejected, Billy did not give up and continued his analysis.
“The dollar is already flowing out in large quantities!” Collins said impatiently. “There’s another sign that American hedge funds are also maliciously shorting the market, just like they were shorting the pound and the franc.”
When the pound and the franc are mentioned, everyone falls silent. As financial experts, they certainly understand what's involved.
The central bank of any country with free foreign exchange reserves would be amazed by the enormous power of hedge funds.
Now that people hear that Mexico is also facing a similar situation, they are all at a loss. After all, the Quantum Fund alone has tens of billions of dollars in capital, which is enough to severely damage Mexico's fragile foreign exchange reserves.
Currently, compared to negotiations with the Ministry of Finance regarding the 2% figure, the most critical issue is how to maintain the value of the peso amidst the impact of hedge funds.
"Loosen the exchange rate controls and let the peso float freely?" Billy pondered for a long time and finally came up with a seemingly possible solution, but it was quickly rejected.
"Absolutely not!"
"That's what Correns said with absolute certainty."
"Once regulations are relaxed, there will inevitably be a large outflow of US dollar capital. At that time, not only the currency market, but also the stock market and bond market will be affected and collapse."
"Because most of our dollar capital has been invested in the stock and bond markets."
"At that time, it will not only be a currency crisis, but it may even cause systemic risks to our financial system, and our country's real economy will also perish."
Lifting exchange rate controls is a last resort, meaning a complete surrender of the financial markets.
Before this, Mexican banks must take various measures, otherwise they will face endless condemnation from the market and the government, and even be accused of various crimes.
Moreover, the president would certainly refuse such an offer. Therefore, Currens rejected Billy's suggestion without even considering it.
"How about we learn from the Gallic Kingdom and devalue our currency by 14% first, and then observe the market's reaction?"
"Although foreign exchange reserves have been declining, there should still be some dollar reserves," said Enlec, a key aide to Correns and a professor at the School of Economics and Management at the National Autonomous University of Mexico.
"Under such circumstances, we cannot simply sit idly by and worry. I think those funds that shorted the peso must have invested a large amount of money."
"If we can get the Treasury to contribute more dollar capital, we might be able to withstand this wave of attacks."
These words struck a chord with Correns.
These words struck a chord with Otis, because this way, the blame for the inadequate resistance would fall entirely on Antonio, even though he wasn't in charge of foreign exchange at all. Otis didn't hesitate for a second before agreeing to Javier's proposal.
Because of this operation, Silas was blamed for poor performance, even though his job did not involve foreign exchange at all.
Therefore, Currens nodded without hesitation at Billy's suggestion.
...
Night fell.
The Ministry of Finance building was still brightly lit.
Tomorrow is the weekend, and Silas doesn't care about that anymore.
He summoned the advisors and financial experts who had negotiated with the Mexican bank earlier that day.
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