At this time, the battle to defend the fate of the port city officially began.
Jiang Ruilin personally led his team to the port city to oversee the operation, and Jiang Xiaoli also sent Fang Jingxu and employees from the securities department to go with him.
On August 13, the Hang Seng Index in Hong Kong fell below 6,600 points, a drop of more than 10,000 points compared to its highest point on August 7, 1997.
This is the darkest moment for the port city.
The Chinese government intervened at a critical moment for Hong Kong, stating that it would spare no effort to maintain Hong Kong's prosperity and stability and protect its linked exchange rate system.
Hong Kong government leaders have made a solemn pledge to defend the city.
The specific strategy for this step is: while maintaining the exchange rate, the Hong Kong government will use foreign exchange to enter the market, buy up all the sold-off stocks, and boost the Hang Seng Index.
The amount of money required for this method is beyond everyone's imagination.
On August 14, senior Hong Kong government officials officially announced at a press conference that the Hong Kong government would intervene in the stock and futures markets to protect the exchange rate and prevent international speculators from profiting from futures trading that were bearish on stock indices.
That evening, authoritative media outlets announced that the central government fully supports Hong Kong and will spare no effort to ensure that Hong Kong's status as an Asian financial center remains unshaken!
On the same day, Jiang Ruilin and Fang Jingxu led their respective teams to cooperate with the authorities in entering the stock market and buying stocks in large quantities. The Hang Seng Index rebounded by 560 points that day, closing at 7224 points.
On the evening of August 16, a joint performance titled "We Are United as One" was presented to raise funds for flood relief.
The Yangtze River is long, but not as long as the Great Wall built with blood and flesh; the Nenjiang River is deep, but not as deep as the friendship of the people of the whole country. The flood is swift, but it cannot destroy the dike built by the united efforts of the people.
"Jiang's Group", "Yujia Technology"... these companies once again donated money and supplies.
The gala lasted just over three hours and raised a total of more than 600 million yuan in donations from all sectors of society.
The floods are raging, and the port city is also in dire straits.
August 28th is the futures settlement date, and international speculators must release a large number of short-selling orders.
These international speculators' average entry price was 7500 points.
In other words, the Hang Seng Index must be pushed up to above 7,500 points on August 28th, otherwise these speculators will cash out all their money and the Hong Kong stock market will completely collapse.
During this period, the two sides engaged in a constant battle, with neither giving an inch.
International speculators continued to short sell stocks, while the Hong Kong government and various entities such as Heaven Capital and Jiang's Investment rushed to buy them up.
The Hang Seng Index began to slowly climb amid fluctuations.
On August 27, the day before the decisive battle, the global stock market atmosphere was extremely poor, with stock markets in the US, Europe, Latin America, and Asia all experiencing sharp declines.
The 33 constituent stocks of the Hang Seng Index were hit hard by short sellers as soon as the market opened, with sell orders reaching HK$1.9 billion in the first 15 minutes.
The Hong Kong government used HK$20 billion to hold onto its "high ground" amidst a massive sell-off.
The Hang Seng Index closed at 7,922 points, reaching its highest point since November 4, 1997.
At this point, Jiang Ruilin and Fang Jingxu had already invested 70% of their funds into the stock market, purchasing a large number of stocks.
On August 27, the number of troops and armed police deployed to flood control reached its daily peak, totaling 278,500.
Zong Jia put his arm around her shoulder and said, "Little Pear, don't worry, we will win. I trust your intuition."
Whether it was the Hong Kong stock market or the massive floods, even though she knew the ending of her past life, she was still very nervous at this moment.
"Ouch!" Jiang Xiaoli exclaimed in surprise.
Zong Jia looked at her with concern, "What's wrong?"
She gently patted her belly, "The little one kicked me."
Zong Jia chuckled and squatted down next to her. "Look, the baby is protesting. It's so late, Mom should take him to sleep with her."
Perhaps because she had something on her mind, Jiang Xiaoli woke up before 7 a.m.
Zong Jia knew she was concerned about the situation in Hong Kong, so he didn't stop her from getting up.
Before the market opened, Jiang Xiaoli called Jiang Ruilin and Fang Jingxu again to confirm today's strategy.
August 28th is the settlement day for Hang Seng Index futures, and the decisive moment has finally arrived.
At this point, the old man was still full of confidence. He publicly clamored in the Wall Street Journal: The Hong Kong government will definitely lose!
This act of publicly challenging the government in an individual's name is unprecedented and likely to remain so.
At 10 a.m., the Hang Seng Index opened at 7,865 points.
Within just 5 minutes of the market opening, the turnover exceeded HK$3.9 billion!
Within 30 minutes of the market opening, the turnover exceeded HK$10 billion!
In just one morning, the turnover exceeded HK$40 billion! This is several times the usual daily turnover.
After a brief market closure, a European fund suddenly emerged with strong selling pressure in the afternoon, and the selling pressure continued unabated. Within two minutes, the Hang Seng Index plummeted by 300 points.
In an effort to stem the decline, the Hong Kong government used every available Hong Kong dollar, with an average of tens of millions of Hong Kong dollars versus US dollars every minute!
At that moment, Jiang Ruilin and Fang Jingxu also spent all the funds they held.
At 4 p.m., the closing bell rang, and the total turnover for the day reached HK$79 billion, setting a new historical record.
The Hang Seng Index closed at 7829 points, while Hang Seng Index futures settled at 7851 points. The city of Hong Kong held firm!
Senior leaders then delivered a speech: In the battle against international speculators and to protect Hong Kong stocks and currency, the Hong Kong government has achieved an unprecedented victory.
Fang Jingxu was so excited when he called Jiang Xiaoli that he couldn't control his voice at all.
"Chairman Jiang, we won! You have no idea, I stared at the monitor all afternoon and didn't dare to move at all..."
Although Jiang Xiaoli felt a sharp pain in her eardrums from the vibration, she still listened to him with a smile.
"Mr. Fang, you've worked hard these past two weeks. I'll definitely treat you well once I've finished handling the follow-up work and returned to China."
Holding nearly 10 billion yuan in funds and facing the rollercoaster-like fluctuations of the stock market every day, one simply cannot withstand it without a strong heart.
She could understand Fang Jingxu's emotional outburst at that moment.
Fang Jingxu said excitedly on the phone, "Thank you, Chairman Jiang! We will definitely handle the follow-up work perfectly. We've made a fortune this time!"
Jiang Xiaoli chatted with him for a few minutes before hanging up the phone.
Zong Jiayu grasped her hand. "Are you relieved now?"
She leaned gently on his shoulder, "Don't worry, these past two months have been so tough."
In the summer of 1998, in that thrilling August, the Chinese people defended the Yangtze River, as well as the port city's linked exchange rate and stock market.
At this moment, Jiang Xiaoli deeply felt how proud it was to be a participant in history, living in this era.
How fortunate I am to have been born in China.
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