"Holy crap, holy crap, it finally moved! If it hadn't moved soon, I... I would have wanted to die."
This is no joke. Several months have passed since the group arrived in Thailand, and during this time, Wangcai has finally achieved his initial goal: building a position.
However, there was no movement from Ma Guoliang's side, naturally because the exchange rate and price did not meet Chen Dong's requirements.
That's good. At least the sharp fluctuations in the Thai baht indicate that someone has started to sell large amounts of Thai baht and buy US dollars, or, conversely, buy Thai baht and sell US dollars.
Either outcome is far better than a stagnant market.
"It has fallen, it has already fallen below 26 baht to 1."
Just as Ma Guoliang was still in a daze, a sudden voice rang out, and in an instant, all the traders in the trading department shouted out the number 26 in surprise.
This refers to the exchange rate of Thai baht to US dollars, as most international currencies use the US dollar as the standard for measuring currency value.
Moreover, during this period, the world's largest spot foreign exchange market has already closed for trading, and one can only look at the currency markets in places like London and New York that are still in trading hours.
Although there was some trading of Thai baht between commercial banks during this period, these quotes could not be compared with those of futures contracts in the currency market. Therefore, most traders relied on real-time futures quotes.
The exchange rate of the Thai baht to the US dollar has remained at 25 baht to 1 US dollar for many years, although the BOT has set a fluctuation range of 4% above and below.
The exchange rate of 26 to 24 Thai baht to one US dollar was acceptable, but now, due to the aggressive short selling, this range is approaching the critical point set by the BOT.
......
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