"Boss, I'm so happy to see you! I've missed you so much!"
Without saying a word, Wangcai gave Chen Dong a bear hug as soon as he saw him, and then joked.
"Boss, did you see your wife in Russia this time? You seem to be much better than before. Tsk tsk tsk, your skin looks even whiter and smoother."
"..." Chen Dong was speechless. This bastard always brings up the most awkward things. He wasn't being pampered; he was being completely drained.
"boss!"
"Manager Ma!"
Chen Dong greeted Manager Ma with a smile.
Manager Ma chuckled, "Boss, don't listen to Wangcai's nonsense. This bastard is having such a good time in Thailand that he doesn't want to leave. You have no idea, he's hanging out with some androgynous people every day. I'm worried about whether he can handle it."
Upon hearing this, Chen Dong immediately pushed Wangcai away with a look of disgust, saying, "You bastard, stay away from me, or you might catch some disease outside."
"Boss, what you're saying really hurts my feelings." Wangcai cried hypocritically, his expression making him look like he deserved a beating.
At this moment, Ma Guoliang whispered in Chen Dong's ear, "Don't worry, boss, Wangcai is fine. We had him checked thoroughly before he came back."
Even so, Chen Dong still looked at Wangcai with disdain.
Today is Monday, which is also a trading day in the foreign exchange market.
When the time came, everyone stopped playing around and quickly returned to their respective posts.
On the market, international capital officially began a fierce attack on the Thai baht from both the futures and spot markets.
In terms of news, Thailand's second-in-command gave a televised address over the weekend, but for international capital, this kind of insignificant threat had no effect whatsoever.
We now live in a free market economy where the role of government has been reduced to almost nothing.
Although the Thai government still plays a very important role in the economic system, Thailand's openness to foreign capital has rendered this control mechanism virtually ineffective.
In addition, a rumor circulated in the market over the weekend that caused considerable panic among investors: the Thai government is considering widening the baht's trading band from a fixed 4% fluctuation to 10%.
In other words, the Thai baht was previously stable between 24 and 26 against the US dollar, so after a 10% expansion, it will be between 22 and 28.
Within this range, there are so many things to do. As long as the fluctuations are large, it means that both bulls and bears have huge profit potential.
This tactic has been attempted by several key countries during various currency crises. For example, the United States withdrew from the European Exchange Rate Mechanism, and France also tried it, although it did not force the franc to depreciate, it still caused quite a stir.
In addition, Mexico did the same thing during the last financial crisis, which resulted in Mexico's foreign exchange reserves being depleted in just a few days, forcing it to announce a devaluation of the peso.
In other words, to date, every country that has used this tactic to resist foreign exchange shocks has failed, without exception.
"Boss, the market reaction is quite significant. The Thai baht plummeted right after the opening bell, reaching 26.04 baht to 1 US dollar," Wangcai said, staring at the constantly flashing numbers on the screen.
"Yes, of course. Especially at this sensitive time, with such a sensational rumor circulating in the market, it would be strange if those investors didn't run away on the spot."
As the two were talking, the Thai baht weakened further against the US dollar.
Sometimes, that's how it is; once a boundary is broken, it exacerbates market panic. For example, in the A-share market, the Shanghai Composite Index didn't seem to have much of a problem when it was above 3000 points, but once it fell below that mark, panic set in, and selling pressure further overwhelmed buying funds.
Once a certain trend takes hold, even a god couldn't stop it.
The two circuit breakers in 2015 are the most obvious examples.
Meanwhile, as the Thai baht plummeted coin by coin, the bulls were completely bewildered. Where was the BOT? Didn't the Thai national team announce its intention to protect the baht's value? Why hadn't it entered the market yet?
It's not that the bots aren't involved; rather, they're too busy dealing with the pressure from the foreign exchange market. As soon as local Bangkok banks opened, they received countless calls from all over the world, all demanding to sell Thai baht at the lower limit set by the bots.
One or two problems aren't a big deal, but with the number of calls increasing, the market has sometimes become completely irrational. Especially when the rumors are presented with such detail, as if witnessed firsthand, it's hard not to believe them.
If they don't sell now at the minimum exchange rate of 26 baht to 1 US dollar, they might have to sell later at an exchange rate of 27, or even 28 or 29, and all the losses will be borne by these investors.
The Thai banking system, which could act as a counterparty in the transaction, was naturally unwilling to sell US dollars at this price in exchange for the constantly being dumped Thai baht.
Although they hadn't received concrete information that the Thai baht would widen its trading band, market rumors were so rampant that they couldn't help but believe them. However, just to be on the safe side, they decided to seek help from the bot.
Is it coming?
Watching the constantly changing numbers on the screen, Chen Dong couldn't sit still any longer. This was two years ahead of what he knew in history.
However, he wasn't unprepared. When rumors started circulating in the market, Chen Dong realized that international speculative capital was about to make a big move, a signal that they were launching a major offensive against the Thai baht.
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